ICI Pakistan to set up Float Glass Units with TGIL
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KARACHI: The Board of Directors of ICI Pakistan Ltd (ICI Pakistan) has approved a joint venture with Tariq Glass Industries Ltd (TGIL) to set up a greenfield State-of-the-Art float glass manufacturing facility.
According to a notice of ICI Pakistan on the PSX website, ICI Pakistan and Tariq Glass will have equity shares of 51 per cent and 49 per cent. Both the companies have agreed to build up a green field-glass manufacturing facility having a production capacity of up to 1,000 metric tons per day.
The manufacturing plant would be set up in two phases, each phase having a production capacity of 500 metric tons per day each.
According to the notification, the manufacturing plant will be set up by a joint venture company to be incorporated by and between ICI Pakistan and Tariq Glass Industries.
In this regard, the board of directors have authorized the finalization and execution of a joint venture and shareholders agreement with TGIL and the incorporation of JVCO, the notice said.
The notice said that “Further to the information shared by ICI Pakistan Limited (ICI Pakistan or the Company) dated January 26, 2022, the company is pleased to inform that the Board of Directors have in their meeting held today February 10, 2022, approve a joint venture between the company and Tariq Glass Industries limited (TGIL) to set up a greenfield state of the art float glass manufacturing facility having a production capacity of up to 1000 metric tons per day, to be set up in two phases, each phase having a production capacity of 500 metric tons per day each.” “The manufacturing facility will set up by a joint venture company to be incorporated by and between the company and TGIK (JVCO). In this regard, the board of directors have authorized the finalization and execution of a joint venture and shareholders agreement with TGIL and the incorporation of JVCO,” it added.
The notice further said, “the approvals granted by the Board and implementation of the joint arrangement are subject to receipt of necessary corporate and regulatory approvals.”
The Share Price of TGIL at PSX Board was at Rs 127.77 today. Tariq Glass Industries was incorporated in Pakistan in 1978 and converted into a Public Limited Company in the year 1980. The Company is principally engaged in manufacturing and sale of glass containers, opal glass, tableware and float glass.
ICI Pakistan’s share price at PSX board was Rs 770 today. ICI Pakistan is engaged in the manufacturing of polyester staple fiber, POY chips, soda ash, specialty chemicals, sodium bicarbonate, polyurethanes and marketing of seeds, toll manufactured and imported pharmaceuticals and animal health products; and merchanting of general chemicals and manufacturing of master batches.
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