Karachi: Hinopak Motors Limited has announced that a definitive agreement has been reached regarding the integration of Mitsubishi Fuso Truck and Bus Corporation (MFTBC) and Hino Motors Ltd. This development is an extension of the material information previously disclosed by the company on the Pakistan Stock Exchange (PSX) dated May 31, 2023.

The agreement outlines the establishment of a new publicly listed holding company, which will assume 100% ownership of both MFTBC and Hino. Notably, Daimler Truck and Toyota Motor Corporation are anticipated to hold equal ownership stakes in the new entity. Shares will also be issued to the public as part of the company's listing.

The integration is part of a strategic move aimed at consolidating operations under a single entity, thereby streamlining management and potentially enhancing market competitiveness. According to information available from the Pakistan Stock Exchange (PSX), the establishment of the new holding company marks a significant transition for the involved entities.

This announcement is made in compliance with the provisions of the Securities Act, 2015, and the Rule Book of Pakistan Stock Exchange (PSX), and is intended for dissemination among the Trading Rights Entitlement Certificate (TREC) holders of the Exchange.