Sazgar board approves Rs1.54bn land purchase

MG News | November 14, 2024 at 02:08 PM GMT+05:00

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November 14, 2024 (MLN): The Board of Directors of Sazgar Engineering Works Limited (PSX: SAZEW) has approved the purchase of approximately 140 kanals of land, valued at around Rs1.54 billion (subject to actual measurement), adjacent to the four-wheeler project to support future business needs.

The agenda was approved by the Board at its meeting held today, according to a notice issued to the PSX.

Moreover, the Chief Executive of the Company has been authorized to negotiate and finalize the terms and conditions and to fulfill all the legal formalities to complete the said purchase of land.

This marks the company's second land purchase this year for its four-wheeler project. In January 2024, SAZEW acquired land valued at approximately Rs847m.

This reflects the company's commitment to further growth in the four-wheeler industry and to strengthening its financial position.

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