Sazgar tells PSX Philippines plant is distributor’s
In a November 2 PSX filing, the listed automaker said its Philippine distributor built the three-wheeler facility with Sazgar’s technical support, not company capital.
Sazgar Engineering Works Limited told the Pakistan Stock Exchange on November 2 it has not made an equity investment in a Philippines manufacturing plant.
The company said its local distributor set up the plant to make and assemble Sazgar three-wheelers, with Sazgar’s support and technical help.
Sazgar plans to ship completely knocked-down (CKD) kits—parts for assembly abroad—to the Philippines.
The firm said the arrangement should aid three-wheeler exports and Pakistan’s foreign exchange earnings.
Any future equity stake in the Philippines or other overseas plants will be disclosed to the PSX and SECP.