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
02.07.2021, Ghani Global Glass
News material on the Site is copyright and belongs to the Company or to its third party news provider, and all rights are reserved. Any User who accesses such material may do so only for its own personal use, and the use of such material is at the sole risk of the User. Redistribution or other commercial exploitation of such news material is expressly prohibited. Where such news material is provided by a third party, each User agrees to observe and be bound by the specific terms of use applying to such news material. We do not represent or endorse the accuracy or reliability of any of the info contained in any news or external websites referred to in the news.
Should the content or the design of these sites violate third parties rights or legal prescriptions, we kindly ask you to send us a respective message without invoice or cost. We guarantee that passages where the claim is considered as justified will be removed immediately, without any necessity to involve any lawyer into this issue. We will reject any claim caused by submission of a honorary note in this regard without any prior contact and confirmation of the issueby us and we reserve the right ssue counter claim ourselves because of violation of aforesaid conditions.