Samsung expands local manufacturing operations in Pakistan
Sapphire Electronics, a subsidiary of Reliance Cotton Spinning Mills Limited (RCML), has entered into a partnership with Samsung Electronics to locally manufacture, assemble, and sell Samsung-branded electronic products and home appliances in Pakistan. The agreement was announced in a notice to the Pakistan Stock Exchange (PSX) on Monday.
Following the news, RCML’s share price saw a significant increase, rising by Rs69, or 10%, to Rs759, reaching the upper lock.
The official notice confirmed that Sapphire Electronics, a fully owned subsidiary of RCML, had reached an agreement with Samsung Electronics Co. Ltd of South Korea and Samsung Gulf Electronics Co., FZE, based in the UAE, to manufacture and/or assemble Samsung products in Pakistan and sell them locally.
This partnership is set to strengthen Samsung’s position in Pakistan’s electronics and home appliance market and enhance domestic production capabilities.
This collaboration follows a similar partnership in 2021 when Lucky Motor Corporation, a subsidiary of Lucky Cement Limited, teamed up with Samsung Gulf Electronics to produce Samsung-branded mobile devices in Pakistan.
