Islamabad, Oct 3: Tariq Glass to Invest Rs. 1 Billion in Baluchistan Glass Ltd. In a notice of annual general meeting on Wednesday, Tariq Glass Industries Limited (PSX: TGL) announced that it has chosen to extend its investment in Baluchistan Glass Limited, an associated company, up to a maximum of Rs. 1 billion.
For an additional year after the date of approval, the investment will take the form of a rollover or renewable short-term loan, advance, or running finance as needed by Baluchistan Glass Limited. The terms and conditions of the rollover will be disclosed to the members, and the return on any outstanding loan amount will be equal to the average borrowing cost of TGL plus 1% or 3MK plus 1.50%, whichever is higher.
Additionally, it has been decided that the Company’s Managing Director/CEO and/or any Director shall have the sole authority to decide whether to make the investment. The company’s main business is producing and selling glassware, opal glass, containers, and other materials.
Tariq Glass signed a Share Purchase Agreement with Balochistan Glass (BGL) to acquire 50% of the voting shares of MMM Holding (MMM) which holds 84.34% voting shares of BGL.
Their began as a tableware plant producing 15 tons per day. It has now transformed into an industry powerhouse, producing more than 1500 tons of float glass, tableware and container glass daily.In a statement, they said: “The company has signed a share purchase agreement with Mr Muhammad Tousif Peracha with respect to the aforesaid acquisition which is subject to obtaining all the requisite laws.”
