GTYR clarifies agreements with Continental AG, Suppliers are intact

August 30, 2021 (MLN): General Tyre and Rubber Company of Pakistan Limited (GTYR) has clarified that the company's agreements and arrangements with Continental AG, Suppliers, Creditors, and other business affiliates are intact and would remain in full force and effect.

Earlier, last week, the company had made an announcement that the company had modified its name to Ghandhara Tyre and Rubber Company Limited, reflecting that the Company is a group company of which Ghandhara Industries Ltd. and Ghandhara Nissan Ltd. are also affiliates.  

As per the notice issued to PSX today, the Board of Directors has recommended the proposal to change the name of the company to the shareholders. Accordingly, the proposal for a name change is not being affected immediately but the same would be placed for the approval of the shareholders at the forthcoming AGM on 28 October 2021, and if approved, the same would be implemented after fulfilling all corporate, regulatory and reporting requirements.

The proposed name is part of the overall brand transformation strategy i.e., 'GTR'.

The name 'General Tyre and Rubber Company' will continue, in accordance with the requirements of the law and will gradually be phased out.

The proposed change of name would not affect the principal line of business, in any manner, whatsoever, the notice said.

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