ANL 16.24 Increased By ▲ 0.09 (0.56%)
ASC 13.90 Decreased By ▼ -0.02 (-0.14%)
ASL 18.70 Decreased By ▼ -0.07 (-0.37%)
BOP 8.70 Decreased By ▼ -0.05 (-0.57%)
BYCO 7.47 Decreased By ▼ -0.07 (-0.93%)
FCCL 17.81 Increased By ▲ 0.02 (0.11%)
FFBL 23.06 Decreased By ▼ -0.02 (-0.09%)
FFL 15.45 Increased By ▲ 0.20 (1.31%)
FNEL 7.27 Increased By ▲ 0.02 (0.28%)
GGGL 16.84 Decreased By ▼ -0.06 (-0.36%)
GGL 28.26 Decreased By ▼ -0.94 (-3.22%)
HUMNL 6.48 No Change ▼ 0.00 (0%)
JSCL 19.95 Decreased By ▼ -0.15 (-0.75%)
KAPCO 27.42 Decreased By ▼ -0.73 (-2.59%)
KEL 3.44 Increased By ▲ 0.01 (0.29%)
MDTL 2.22 Decreased By ▼ -0.02 (-0.89%)
MLCF 35.30 Increased By ▲ 0.18 (0.51%)
NETSOL 107.11 Decreased By ▼ -1.84 (-1.69%)
PACE 4.24 Decreased By ▼ -0.11 (-2.53%)
PAEL 28.00 No Change ▼ 0.00 (0%)
PIBTL 8.31 Decreased By ▼ -0.11 (-1.31%)
POWER 7.00 No Change ▼ 0.00 (0%)
PRL 16.75 Increased By ▲ 0.10 (0.6%)
PTC 9.10 Decreased By ▼ -0.07 (-0.76%)
SILK 1.46 Decreased By ▼ -0.02 (-1.35%)
SNGP 41.00 Decreased By ▼ -0.02 (-0.05%)
TELE 17.46 Increased By ▲ 0.73 (4.36%)
TRG 131.20 Decreased By ▼ -2.90 (-2.16%)
UNITY 29.75 Decreased By ▼ -0.10 (-0.34%)
WTL 2.48 Decreased By ▼ -0.06 (-2.36%)
BR100 4,762 Increased By ▲ 45.63 (0.97%)
BR30 20,790 Decreased By ▼ -49.74 (-0.24%)
KSE100 45,684 Increased By ▲ 184.06 (0.4%)
KSE30 17,934 Increased By ▲ 109.02 (0.61%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,328
1624hr
Pakistan Cases
1,266,826
62224hr
1.4% positivity
Sindh
466,750
Punjab
438,433
Balochistan
33,149
Islamabad
106,571
KPK
177,132
Business & Finance LUCK (Lucky Cement Limited) 705.99 Increased By ▲ 0.57%

Lucky Motor announces agreement for production of Samsung-branded mobile devices in Pakistan

  • Has also initiated process of seeking necessary regulatory approvals to carry on the said business and filed an application with PTA for securing the licence
16 Jul 2021

Lucky Motor Corporation (LMC), a subsidiary of Lucky Cement Limited, has entered into an agreement with Samsung Gulf Electronics Co., FZE (Samsung) for the production of Samsung-branded mobile devices in Pakistan, stated a notice sent to the country’s stock exchange on Friday.

“In pursuance of this transaction, LMC has also initiated the process of seeking necessary regulatory approvals to carry on the said business and, in this endeavor, has filed an application with the Pakistan Telecommunication Authority (PTA) for securing the license,” added the notice.

The notice added the production facility for producing Samsung mobile devices will be located at LMC’s existing plant facility producing vehicles at Bin Qasim Industrial Park, Special Economic Zone, Port Qasim, Karachi.

Secretary informs parliamentary panel: 'Samsung poised to enter local market; two firms short-listed'

“The production facility is anticipated to be completed by end of December 2021. That further information on the amount contemplated to be invested in the production facility and the capacity thereof shall be discussed between the Parties (Samsung and LMC) in due course of time.”

LMC is currently engaged in the business of manufacturing, assembly, marketing, distribution and sales of Kia and Peugeot branded vehicles, parts and accessories thereof, in Pakistan.

The development comes as a major landmark for Pakistan that has been pushing to join the league of smartphone manufacturing countries.

In a bid to boost Pakistan's telecom and manufacturing sector, some 21 new companies have been authorised to start local manufacturing/assembly of mobile phones.

Comments

Comments are closed.