Sapphire Electronics (Pvt) Limited, a subsidiary of Reliance Cotton Spinning Mills Limited (RCML), has announced its partnership with Samsung Electronics, a global technology giant, to manufacture, assemble, and sell Samsung-branded electronic products and home appliances in Pakistan.
RCML disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
“Sapphire Electronics (Pvt) Limited, a wholly owned subsidiary of Reliance Cotton Spinning Mills Limited (RCML), has agreed with Samsung Electronics Co. Ltd, Republic of Korea, and Samsung Gulf Electronics Co., FZE, United Arab Emirates, to manufacture and/ or assemble Samsung branded electronic products & home appliances and sell such products & appliances in Pakistan,” stated the notice.
Following the announcement, RCML’s share price rose to Rs759, hitting the upper lock with an increase of Rs69 or 10%.
The development marks a significant step in the local production of global consumer electronics in Pakistan.
Samsung Electronics, a South Korean multinational major appliance and consumer electronics, is one of the world’s largest technology companies and among the largest manufacturers of smartphones.
Back in 2021, Lucky Motor Corporation (LMC), a subsidiary of Lucky Cement Limited, entered into an agreement with Samsung Gulf Electronics Co., FZE (Samsung) for the production of Samsung-branded mobile devices in Pakistan.
Back then, LMC shared that the production facility for producing Samsung mobile devices would be located at its existing plant facility producing vehicles at Bin Qasim Industrial Park, Special Economic Zone, Port Qasim, Karachi.
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