The General Tyre and Rubber Company Pakistan Limited (GTR) has announced that their technology partner Continental Global Holding Netherlands B.V. has renewed the existing Royalty and Technical Services Agreement (RTSA) with the company for a term of 7 years, effective from 1st January 2018.
Royalty and Technical Services Agreement sets out that this will be the last and final term and GTR will have to find suitable substitute technology supplier under a definitive Replacement Plan which is envisaged in Royalty and Technical Services Agreement (RTSA).
Pursuant to the Replacement Plan, General Tyre is already in negotiations with a couple of leading technology suppliers in the tire industry and is very much hopeful of finding a suitable substitute in due course.
GTR’s share at the bourse was trading at Rs 190.00, up by 0.44% with a turnover of 178,200 shares.
Continental Global Holding Netherlands B.V. is associated with Continental AG which is a top tire manufacturer in Germany.
The General Tyre and Rubber Company of Pakistan Limited manufactures and trades in tires and tubes for automobiles and motorcycles in Pakistan. The company offers passenger car, light truck, truck and bus, tractor, motorcycle tires and accessories.