In a release addressed to the Exchange, Sazgar Engineering Manufacturers have announced that they have signed a “Vehicle Assembly Cooperation Agreement” with a Chinese Automobile Manufacturer for manufacturing, assembly, sales and after sales service of passenger and off-road vehicles.

The Company Management in their meeting held on 11^th of May, 2017 had decided to enter the manufacturing and assembly for sale of passenger and light commercial vehicles in Pakistan under the Greenfield Investment Category.

Sazgar Engineering had already informed the exchange of their signing of a MoU (Memorandum of Understanding) with a foreign company on May 23^rd, 2017.

However, the name of the Chinese company has been kept under wraps. Company officials were also reluctant to share the name of the Chinese company when contacted. 

The company release can be accessed here.