Karachi June 22 2021: Security Exchange and Commission of Pakistan (SECP) has allowed Ghani Global Glass Limited (GGGL) to issue ordinary shares of PKR10 per share representing 15 percent of its outstanding ordinary share capital to its eligible employees under the Employee Stock Option Scheme, 2020 (ESOS) by way of other than right issue.
*Ghani Global Glass Limited (GGGL) stock drop 2.7 percent and Ghani Global Holding (GGL) fall 1.2 percent, on this announcement*
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SECP has allowed the ESOS on the conditionality that entitlement pool of ESOS shall not exceed 25 percent of the enhanced capital of the Company at any point in time and 10 percent of the enhanced capital in a year.
GGGL and GGL has gained more than 50 and 20 percent in months’ time respectively, due to improving profitability and company’s expansion projects. GGGL is setting up new furnace along with BMR of existing capacity. This will allow to enhance capacity to tap the unmet and increasing demands of market while and value addition will allow company to diversify into new products and markets. All LCs for the import of refractory, furnace equipment from Europe, Japan and China already opened. Machinery against the LCs are in arrival process and work on furnace is actively in process of erection in accordance with the planning.
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*With the commissioning of new furnace, tube manufacturing capacity will be enhanced by about 50 percent and this furnace is expected to be ready in fourth quarter of current calendar year*
Moving forward, old furnace’s repair and refurbishment is also scheduled afterwards, which would not only help the company to produce both clear and amber tube at a time but will also help boost the exports of the company. Furthermore, addition of European ampoule manufacturing machines are also on the cards which would also contribute handsome margins in the bottom line of the company.
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Efforts are also under way by the management of GGGL to engage themselves in supplying packaging in shape of vials for COVID 19 vaccine. This requirement can be cater through commissioning of new furnace for which all endeavors are being carried out to achieve COD soonest. Consequently, it would be total game changer for the company.
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