Ghani Global Glass Board approves MoU to set up a plant in Serbia

June 28, 2021 (MLN): The board of directors of Ghani Global Glass Limited (GGGL), in their meeting held on June 28, 2021, has approved the MoU (memorandum of understanding) 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.

As per the notice issued to Exchange, 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.

It has been further decided that 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.

Copyright Mettis Link News