Aug 6, 2020 (MLN): As a part of the expansion plan, Ghani Global Glass has decided to set up another glass melting furnace for tube in view of growing demand for glass tubing, vials & ampoules and to meet forecasted export and local demands for COVID-19 vaccine.
It is worth highlighting that the production capacity of import substitute products will be 100% increased as a result of this expansion plan.
Yesterday, in the board meeting, the directors announced the approval of expansion plan and to raise certain funds through further issue of share capital.
In addition, the company decided to increase the authorized share capital of the company from Rs. 2 billion to Rs. 3 billion, as part of the investment, which is subject to approval by shareholders of the company.
Ghani Global Glass has successfully entered in export business with Bangladesh, Egypt (MENA), Argentina and Mexico. Despite recent lockdowns, due to worldwide spread of COVID- 19, the company is expecting improvement in export business.
The company is continuously improving its production and supply system through innovations and effective cost containment initiatives in order to respond global and local demand.
During FY19, the company succeeded to approve their products in multinational companies (MNCs), middle, and large-scale national companies to get a sizeable business in spite of numerous converters in market.
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