GTYR, Shandong Huasheng join hands to establish joint venture

MG News | December 10, 2024 at 09:40 AM GMT+05:00

0:00

December 10, 2024 (MLN): Ghandhara Tyre and Rubber Company Limited (PSX: GTYR) has signed a non-binding Memorandum of Understanding (MoU) with Shandong Huasheng Rubber Co., Ltd. (SHRC), to explore the establishment of a joint venture in Pakistan.

SHRC is a leading technology service provider in the tyre industry based in the People's Republic of China.

Under this GTYR and SHRC plan to explore the possibility of setting up a joint venture company in Pakistan for inter alia, manufacture, sale, marketing and supply of Truck bus radial and Passenger car radial tyres, focusing on export markets.

The setting up of the joint venture company is subject to satisfactory feasibility studies, internal and regulatory approvals and execution of definitive agreements.

The aforesaid information was disseminated through a notification to exchange.

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