Ghani Global Glass Board approves MoU to set up a plant in Serbia
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, Ghani Global GlassGhani Global Glass Board approves MoU to set up a plant in Serbia
The board of directors of Ghani Global Glass Limited (GGGL), in their meeting held on June 28, 2021, has approved the MoU (memorandum of understanding) signed by the Company with a Serbian (Eastern European) company for setup of a plant in Serbia, a notification issued to the Pakistan Stock Exchange (PSX) informed on Monday. This will be carried out in the form of a joint venture with the Serbian company with a 50% sharing ratio for the manufacturing of glass Ampoules and Vials from glass tubes to be supplied by the GGGL.
The project will include manufacturing of glass ampoules and vials from glass tubes to be supplied by the GGGL, said the notification. The initial cost of this project is $2-$2.5 million. However, as the ampoules and vials machines are added, the project cost may go up to $9 million.
It has been further decided that the Company will utilize its own resources for investment in Serbia as strategic decision that will “potentially open the doors for the export of GGGL glass tubes in Europe,” the notification added. This move is also driven by the development of ampoule prices worldwide, rising due to Coronavirus impact. Development and strategic moves given in board presentation about Trading Strategy -see video https://youtu.be/vhVzDucebAI
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