DFML says it has commenced production of KIA Shehzore, rollout on June 4
- Share price still falls after PSX notice
Dewan Farooque Motors Limited (DFML) said it has resumed the commercial production of the “Special Purpose KIA Commercial Vehicle” with its product name KIA Shehzore, and its roll out and launch ceremony is scheduled for June 4.
The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday morning.
“By the grace of Almighty ALLAH, we hereby announce that Dewan Farooque Motors Limited has resumed the commercial production of ‘Special Purpose KIA Commercial Vehicle’ with its product name KIA ‘SHEHZORE’ and its roll-out/launch ceremony has been scheduled for June 4, 2024,” read the statement.
“We look forward to continue serving the people of Pakistan with high-quality products and after-sales services through our strong nationwide dealership network,” it added.
Incorporated in Pakistan as a public limited company in 1998, Dewan Farooque Motors Limited is engaged in assembling, progressive manufacturing, and sale of vehicles in Pakistan.
In 2022, DFML said it entered into a Technology License Agreement (TLA) with Korea’s KIA Corporation for the production and assembly of its vehicles in Pakistan.
The company’s share price has been on an upward trajectory for the past few weeks amid unconfirmed reports that it was launching a vehicle.
It closed at Rs44.76 on Monday (the previous trading day), and briefly hit a high of Rs47.38 on Wednesday before beginning its descent. At around 12:20pm, the share price was hovering around Rs42.9, a fall of Rs1.86 during the trading session.
However, it has rallied massively from Rs16.43 on April 1.
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