In order to produce and assemble vehicles, Dewan Farooque Motors Ltd. said on Monday that it has inked a technology transfer agreement with Kia Corporation of the Republic of Korea.
Even though the manufacturer is listed on the exchange’s defaulter counter, the statement caused its shares to rise 2.24 percent from the day before to Rs11.41.
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The company made a net loss of Rs105 million in the last three-month period versus a net loss of Rs63.8m a year ago. At this time, the company’s factory is still not producing any vehicles.
The Lucky Motor Corporation, formerly known as Kia Lucky Motors, is already assembling Kia automobiles. The automaker owned by the Yunus Brothers Group recently became a multi-brand business by partnering with the European brand Peugeot.