February 10, 2022 (MLN): The Board of Directors of ICI Pakistan Limited, in its meeting held today, has approved a joint venture (JV) between the company and Tariq Glass Industries Limited (TGL), to set up a greenfield state-of-the-art float glass manufacturing facility, the company informed through a notice to exchange.
This manufacturing facility will have a production capacity of up to 1,000 metric tons per day, which will be set up in two phases whereby each phase will have a production capacity of 500 metric tons per day each.
The facility will be set up by a joint venture company to be incorporated by and between the company and TGL (`JVCO').
In this regard, the board has authorized the finalization and execution of a JV and Shareholders Agreement with TGL and the incorporation of JVCO.
As per the notice, ICI Pakistan’s equity participation in the issued and paid-up capital of JVCO is intended to be 51% while TGL’s equity stake will be 49%.
The approvals granted by the board and implementation of the joint venture arrangement are subject to receipt of necessary corporate and regulatory approval(s).
