Pak Suzuki to invest in automobile glass manufacturing company

Board of Directors authorised to invest long term equity investment of Rs344.4 million

KARACHI: Pak Suzuki Motor Company - the largest carmaker in Pakistan with over 50% market share - on Wednesday announced that it intends to invest in a joint venture company that will manufacture automobile glass, according to a company notice sent to the Pakistan Stock Exchange (PSX).

The Board of Directors passed the resolution on its Wednesday meeting authorising the company to invest long term equity investment of Rs344.4 million by way of purchase of 34,440,000 ordinary shares of Rs10 each for setting up Tecno Auto Glass Limited.

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Tecno Auto Glass will be a joint venture between Pak Suzuki and Techno Pack Telecom (Pvt) Limited (TPT) where Pak Suzuki will hold 40% of paid up capital and the rest 60% with be with TPT and its nominees.

Tecno Auto Glass will be a public limited company (unlisted) and an associated company of Pak Suzuki due to its 40% shareholding in it, the notice said.