KARACHI: Dewan Farooque Motors Ltd said on Monday it’s signed a technology transfer agreement with Kia Corporation of the Republic of Korea for the production/assembly of vehicles.

The announcement resulted in an increase in the automaker’s stock by 2.24 per cent from the preceding day to Rs11.41, even though the company is on the exchange’s defaulter counter.

The company made a net loss of Rs105 million in the latest three-month period versus a net loss of Rs63.8m a year ago. The production of vehicles at the company’s factory remains suspended as of now.

Kia vehicles are already being assembled by Lucky Motor Corporation, which was called Kia Lucky Motors until recently. The Yunus Brothers Group–owned auto­maker turned into a multi-brand company a while back by on-boarding European brand Peugeot as a partner.

Published in Dawn, November 8th, 2022