February 18, 2022 (MLN): ICI Pakistan Limited (PSX: ICI) has executed the joint venture (JV) and shareholders agreement with Tariq Glass Industries Limited (TGIL) to set up a greenfield state-of-the-art float glass manufacturing facility, the company filing on PSX showed on Friday.

This facility possesses a production capacity of up to 1,000 metric tons per day which will be set up in two phases, each phase having a production capacity of 500 metric tons per day each, via incorporation of a joint venture company (JVCO).

The company will invest in JVCO by subscribing to 51% of its issued and paid-up share capital, while the rest shall be subscribed by TGIL, the notification added.

The implementation of the joint venture arrangement is subject to receipt of requisite corporate and regulatory approval(s).

To recall, the board of directors in its meeting held on February 10, 2022, had approved a JV between the company and TGIL.

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