ANL 20.85 Decreased By ▼ -1.48 (-6.63%)
ASC 13.65 Decreased By ▼ -0.95 (-6.51%)
ASL 22.50 Decreased By ▼ -1.15 (-4.86%)
BOP 8.15 Decreased By ▼ -0.13 (-1.57%)
BYCO 7.84 Decreased By ▼ -0.31 (-3.8%)
FCCL 17.80 Decreased By ▼ -0.17 (-0.95%)
FFBL 22.90 Decreased By ▼ -0.58 (-2.47%)
FFL 15.62 Decreased By ▼ -0.48 (-2.98%)
FNEL 7.50 Decreased By ▼ -0.47 (-5.9%)
GGGL 17.83 Decreased By ▼ -1.57 (-8.09%)
GGL 39.26 Decreased By ▼ -2.48 (-5.94%)
HUMNL 5.98 Decreased By ▼ -0.36 (-5.68%)
JSCL 18.29 Decreased By ▼ -1.08 (-5.58%)
KAPCO 36.75 Decreased By ▼ -0.43 (-1.16%)
KEL 3.36 Decreased By ▼ -0.12 (-3.45%)
MDTL 2.60 Decreased By ▼ -0.10 (-3.7%)
MLCF 34.65 Decreased By ▼ -0.34 (-0.97%)
NETSOL 129.40 Decreased By ▼ -9.90 (-7.11%)
PACE 4.75 Decreased By ▼ -0.37 (-7.23%)
PAEL 27.29 Decreased By ▼ -1.06 (-3.74%)
PIBTL 8.95 Increased By ▲ 0.05 (0.56%)
POWER 7.31 Increased By ▲ 0.01 (0.14%)
PRL 17.31 Decreased By ▼ -0.99 (-5.41%)
PTC 9.99 Decreased By ▼ -0.01 (-0.1%)
SILK 1.53 Increased By ▲ 0.02 (1.32%)
SNGP 44.50 Decreased By ▼ -0.80 (-1.77%)
TELE 18.89 Decreased By ▼ -1.52 (-7.45%)
TRG 164.00 Decreased By ▼ -5.50 (-3.24%)
UNITY 33.01 Decreased By ▼ -0.04 (-0.12%)
WTL 2.98 Increased By ▲ 0.02 (0.68%)
BR100 4,737 Decreased By ▼ -84.95 (-1.76%)
BR30 22,853 Decreased By ▼ -623.81 (-2.66%)
KSE100 45,250 Decreased By ▼ -347.4 (-0.76%)
KSE30 17,836 Decreased By ▼ -193.32 (-1.07%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,432
5824hr
Pakistan Cases
1,232,595
2,35724hr
4.9% positivity
Sindh
453,051
Punjab
425,703
Balochistan
32,812
Islamabad
104,619
KPK
172,210
Business & Finance LUCK (Lucky Cement Limited) 730.00 Increased By ▲ 1.25%

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.