Pakistani auto manufacturer Sazgar Engineering Works Limited (SAZEW) has announced plans to acquire land worth around Rs1.54 billion for future business expansion. In a notice to the Pakistan Stock Exchange (PSX) on Thursday, the company stated that its board of directors approved the purchase of approximately 140 kanals of land adjacent to its four-wheeler project to accommodate growth.
The board has authorized the company’s CEO to negotiate and finalize terms, ensuring all legal requirements for the acquisition are met. Sazgar recently reported a remarkable profit growth, reaching Rs4.22 billion in the first quarter of FY25, a 540% increase compared to Rs658 million in the same period last year. An interim cash dividend of Rs10 per share was also announced for the quarter.
In September, Sazgar revealed plans to introduce New Energy Vehicles (NEVs) in Pakistan, targeting the launch of CKD (Completely Knocked Down) models by December 31, 2025. This expansion will involve an investment of Rs4.5 billion, excluding land costs, to be funded internally. NEVs, which utilize alternative energy sources instead of fossil fuels, mark a significant step in the company’s commitment to innovative automotive solutions.
