PSMC to set up Automobile glass plant in partnership with Tecno Auto Glass

MG News | November 02, 2017 at 03:04 PM GMT+05:00

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Pak Suzuki Motor Company (Ltd.) has resolved to issue Corporate Guarantee up to Rs. 744 million to Meezan Bank Ltd. for Tecno Auto Glass Limited (TAG), an associated company in respect of financing facilities for setting up plant of automobile glass.

PSMC informed stakeholders on 26^th of September, 2017 that it is currently working to seek approval to issue corporate guarantee of up to Rs. 744 million to Meezan Bank Ltd.

TAG is a public limited company (unlisted), a joint venture between Techno Pack Ltd. (TPT) and Pak Suzuki Motor Co, (PSMC) where PSMC holds 40% of paid up capital and balance 60% is held by TPT and its nominees.

The guarantee will be valid till June 30th 2020.

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