Lucky Motor Corporation (LMC) has signed an agreement with Samsung Gulf Electronics Co, FZE for producing Samsung mobile devices in Pakistan.
In a stock filing on Friday, Lucky Cement Ltd (LCL) has said that its subsidiary LMC, which is currently engaged in business of manufacturing, assembly, marketing, distribution and sales of Kia and Peugeot vehicles, has also initiated the process of seeking necessary regulatory approvals to carry on the business and in this endeavor, it has filed an application with the Pakistan Telecommunication Authority (PTA) for securing the license.
The production facility for producing Samsung mobile devices would be located at LMC’s existing plant facility where vehicles are being rolled out at Bin Qasim Industrial Park, special economic zone. The production facility is anticipated to be completed by the end of December this year.
Lucky Cement said further information on the amount contemplated to be invested in the production facility and the capacity shall be discussed between Samsung and LMC in due course of time.
The Engineering Development Board (EDB) had approved Mobile Device Manufacturing Policy (MDMP) in 2020 and so far 21 companies had been given the green signal for cellphone assembly authorisation from March to June 2021.
When asked about the start of production of Samsung cellphones after possible completion of production facility by December 2021, an official in Lucky Cement Ltd, who asked not to be named, said as soon as the production facility is ready, the company would start cellphone manufacturing.