March 21, 2023 (MLN): Tariq Glass Industries Limited (PSX: TGL) has 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) has 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.
The proposed 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.
It is important to note that the acquisition process is subject to regulatory approvals and the completion of due diligence.
TGL has not disclosed any financial details of the proposed acquisition at this stage.
However, the company has stated that it will keep the shareholders and other stakeholders informed of any developments related to the acquisition.
