Loads Limited’s wholly-owned subsidiary Hi-Tech Autoparts Limited is gearing up for a listing on the Pakistan Stock Exchange (PSX).
In a notification sent to the stock exchange on Tuesday, Loads Limited said:
“Further to our letter reference No. LL/BS-sza/PSX/3047-IO dated April 10, 2018, the listing application for the Initial Public Offering of our subsidiary Hi-Tech Alloy Wheels Limited has been filed with the PSX.
Loads Limited has become the first auto-parts manufacturer company in Pakistan to begin manufacturing of alloy wheels, as they were previously being imported by car assemblers for their high-end vehicles.
Loads Limited is a leading auto parts manufacturer and had its facilities established in 1979 to produce and supply exhaust systems, mufflers, radiators, sheet metal components. It supplies these parts to Suzuki, Honda Atlas, Indus Motors, HinoPak, Millat Tractors, Yamaha, Mitsubishi etc.
It has four fully owned subsidiaries: Specialized Motorcycles, Specialized Autoparts Industries, Multiple Autoparts Industries and High-tech Autoparts and is itself a part of the Ali Group.
High-tech Autoparts subsidiary is set up for the manufacture of Aluminum Alloy Wheels to cater to Honda, Suzuki, and Toyota for their high-end models.
The total outlay of this plant, which is a plot of 12 acres located in Bin Qasim is estimated to be Rs 2 billion. The company acquired the machinery from Australia, which will be installed in a pre-engineered building and production is expected to commence in 2020 in Bin Qasim Industrial Park, Karachi. The plant will have the capacity to produce 500,000 wheels per year.
The alloy-wheels expansion would open doors for Loads for higher overall sales and 100 percent of the market share.
Load’s script at the bourse was trading at Rs28, down by 2.95% with a turnover of 70,000 shares.