Sapphire Electronics to Manufacture Samsung Products For Sale in Pakistan

Sapphire Electronics (Pvt) Limited has entered into an agreement with Samsung Electronics Co. Limited to manufacture and assemble Samsung-branded electronic products and appliances and sell them in Pakistan. “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 the main bourse on Monday. Following the announcement, RCML’s share price surged by Rs. 69, reaching Rs. 759 and hitting the upper circuit limit with a 10% increase. The principal activity of the Company (RCML) is the manufacturing and sale of yarn.