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Sapphire Electronics (Pvt) Limited, a wholly owned subsidiary of Reliance Cotton Spinning Mills Limited, has entered into an agreement with Samsung Electronics Co. Ltd, Republic of Korea, and Samsung Gulf Electronics Co., FZE, UAE, aiming to manufacture and assemble Samsung-branded household appliances and electrical goods for sale in Pakistan.
The parent company, Reliance Cotton Spinning Mills, informed the Pakistan Stock Exchange(PSX) that the partnership would enable the company to domestically produce and sell Samsung products.
“Sapphire Electronics (Pvt) Limited a wholly owned subsidiary of Reliance Cotton Spinning Mills Limited (RCML), has entered into an agreement 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,” RCML informed on Monday.
Following the announcement, RCML’s share price experienced a notable rise of Rs. 69, climbing to Rs. 759 and reaching the upper circuit limit with a 10% increase. The core business of the Company (RCML) revolves around the manufacturing and sale of yarn.
