Sazgar Engineering Works Limited has informed Pakistan Stock Exchange (PSX) that in continuation of Company’s earlier announcements dated September 26, 2016, May 1 1, 2017, May 23. 2017, November 18, 2017, January 03, 2018, March 28, 2018, February 21, 2019 and September 24. 2019, they would like to inform that the outbreak of pandemic COV 1D- 19 throughout the world including Pakistan followed by lockdown has adversely affected the pace of progress on Four-wheeler Vehicle Assembly Project of the Company.

Thus, it could not be completed as on June 30, 2020 i.e. the target date to meet the completion, which was previously announced, says company secretary in a bourse filing today.

The prevailing pandemic conditions and its effects on the project are being evaluated to assess the revised date of its completion.

Any further development on this matter will be informed to the Exchange; accordingly, the notification added.

Sazgar is a premier manufacturer of CNG 4 Stroke Auto Rickshaw (3 Wheelers) and Automotive Wheel Rims. With manufacturing facilities based in Pakistan and a Global Dealer Network, Sazgar is leading the market in Pakistan and also exporting to international markets.

Sazgar Engineering Works Limited was incorporated on 21st September 1991 as a Private Limited Company and later converted into a Public Limited Company on the 21st of November 1994 under the Companies Ordinance of 1984. The company’s shares were listed in Pakistan’s Stock Exchanges in the September of 1996. Currently the Authorized Capital of Sazgar is PKR 500,000,000/-and Paid up Capital is PKR 179,723,680.

Sazgar’s main manufacturing facility is located on Raiwind Road in Lahore spread over an estate of 5 Acres. An additional 27 Acres has also been purchased by Sazgar at Raiwind Manga Road in Lahore to meet the future expansion needs.’