Dewan Farooque Motors Limited has entered into a toll manufacturing agreement with Daehan, Dewan Motor Company (Pvt) Limited, said a stock filing on Monday. The price-sensitive inside information, which was disseminated by Dewan's company Secretary Muhammad Hanif German, helped the listed company become the day's third most-traded scrip.
Opening from Rs 30.98, Dewan Motor's 12.3 million traded shares were retailed as high as at Rs 32.52 at Pakistan bourse Daehan is a joint venture between Yousuf Dewan Companies and KOLAO Group based in Lao PDR and South Korea. Dewan Motors, according to company Secretary Muhammad Hanif German, would be manufacturing vehicles under toll manufacturing arrangements. "The installation of jigs and fixtures for assembly of vehicles is in process and the production of vehicles is expected to start by the end of October 2016," said Hanif.