Pak Suzuki to invest in automobile glass manufacturing company

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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