May 26, 2023 (MLN): Tariq Glass Industries Limited (PSX: TGL) has signed a Share Purchase Agreement with Baluchistan Glass Limited (BGL) to acquire 50% voting shares of MMM Holding (Private) Limited (MMM) which holds 84.34% voting shares of BGL.
This agreement is subject to obtaining all the requisite corporate and regulatory approvals and compliance with all applicable laws.
On March 21, 2023, TGL expressed its intention to acquire 50% of the voting shares of MMM Holding (Private) Limited, which currently holds 78.61% of the voting shares of Balochistan Glass Limited, a listed company.
On behalf of TGL, AKD Securities Limited, (Manager to the Offer) had submitted a public Announcement of Intention, in accordance with the Securities Act, 2015.
Tariq Glass is a leading manufacturer of glass containers in Pakistan, with a wide range of products including tableware, pharmaceutical bottles, and glass bottles for the beverage industry.
Balochistan Glass Limited, on the other hand, is a listed company engaged in the manufacturing and sale of glass containers for the food and beverage industry.
This acquisition is expected to strengthen Tariq Glass Industries Limited’s position in the glass container market in Pakistan and provide an opportunity to diversify its product portfolio.
The acquisition will also provide Tariq Glass Industries Limited with access to Balochistan Glass Limited’s extensive customer base and distribution network.
