Ghani Global Glass Limited (PSX: GGGL), in a notification to PSX has announced that it has approved the MoU signed by the Company with a Serbian (Eastern European) company for setup of a plant in Serbia.
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 initial cost of this project is US $ 2.00 – 2.50 million. Thereafter on the addition of Ampoules and Vials machines, the project cost may increase to US $ 9.00 million.
The Company will utilize its own resources for investment in Serbia. This strategic decision will potentially open the doors for the export of GGGL glass tubes in Europe.