Subject: MATERIAL INFORMATION
In accordance with Section 15D of the Securities & Exchange Ordinance, 1969 and Clause (xx) of the Listing Regulation No. 35 of Code of Corporate Governance, we hereby convey the following information:
MOTOR CYCLE MANUFACTURING AND REVISION IN PLANT CAPACITY:
Due to substantial delay in approval from PSQCA and the prevailing unfavourable market condition of motor cycle business for the new comers, your company has decided to suspend its production plan of Motor Cycles in the greater interest of the company till the time market conditions become favourable for the new comers.
The installed manufacturing facilities of Motor Cycles are being used for the production of Auto Rickshaws without any loss to the company.
The production capacity of Auto Rickshaw is re-measured at 20,000 units per annum in the absence of production of Motor Cycles.
Yours truly, For Sazgar Engineering Works LimitedArshad Mahmood Company Secretary