Business

Pak Suzuki to invest in automobile glass manufacturing company

The Board of Directors passed the resolution in its Wednesday meeting

Our Correspondent January 25, 2017

PHOTO: SUZUKI

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 in its Wednesday meeting authorising the company to make 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.

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% will 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.

Published in The Express Tribune, January 26^th, 2017.

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COMMENTS (3)

Ehs | 7 years ago | Reply After Mehran, Bolan, Ravi, Cultus and Swift which are all globally obsolete cars Now we will have globally obsolete glass made by Paksuzuki as well. The big question remains will they follow 1940's glass quality standards or 1950 s ? cause surely Paksuzuki doesn't assemble modern vehicles in Pakistan ever.

Asim | 7 years ago | Reply Let's see if they produce good quality automotive glass. Currently paksuzuk is using obsolete glass without any UV cut which is found in international market.

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