Biafo Industries signs installation agreement for new signal transmission tube

MG News | September 28, 2021 at 02:27 PM GMT+05:00

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September 28, 2021 (MLN): Biafo Industries Limited has signed an agreement for the purchase and installation of a new signal transmission tube manufacturing plant.

In a notice issued to Pakistan Stock Exchange, the company informed that the total cost of this project is Rs392million. The project is on a debt/ equity basis whereby a term finance loan of Rs250mn has been obtained from Allied Bank Ltd under SBP's temporary economic refinance scheme for import of plant and machinery and the remaining amount will be paid by Biafo as equity contribution.

This is an import substitution project with excellent margins for the Company.

The Company eyes the signal transmission tube sales for not only the local market but to develop an export market also.

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