Panther tyres to purchase machinery from Dalian Rubber

MG News | January 10, 2022 at 01:06 PM GMT+05:00

0:00

January 10, 2022 (MLN): The shareholders of Panther Tyres Limited (PSX: PTL) have approved to acquire the Banbury Tangential Mixer along with parts and accessories from Dalian Rubber & Plastics Machinery Co. LTD. (Dalian / DXS), China at a price of Rs327.97 million instead of Farrel Limited, United Kingdom.

The change in supplier of Banbury Tangential Mixer was made to save the cost which is being utilized for adding two essential parts i.e, Pneumatic Conveying System (Material Handling System) and master batch upstream system for internal mixer within the same budget.

To recall, the company was listed on the Pakistan Stock Exchange (PSX) pursuant to the issue of prospectus/offer for sale of document issued by the company on January 18, 2021, and approval of the SECP.

It was disclosed in the prospectus that one of the machinery for expansion- Banbury Tangential Mixer costing Rs328.630 million will be purchased from M/s Farrel Limited, United Kingdom and the order will be placed for the said plant and machinery upon competition of book building process.

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