Ghani Global Glass Limited (GGGL) had signed a memorandum of understanding (MoU) with an Eastern European company for the setup of a plant in Serbia.
The board of directors of GGGL has now approved the MoU in their meeting held on June 28, 2021, a notification issued to the Pakistan Stock Exchange (PSX) informed on Monday.
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This will be carried out in the form of a joint venture with the Serbian company, with a 50 percent sharing ratio. 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.
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The board of directors has also decided that GGCL will utilize its resources for investment in Serbia as a strategic decision that will “potentially open the doors for the export of GGGL glass tubes in Europe,” the notification added.
