Karachi February 10 2022: ICI notify today at Pakistan Stock Exchange, that Board of Directors have approved a joint venture between the company and Tariq Glass Industries Limited to set up a green field state-of-the-art float glass manufacturing facility having production capacity of up to 1,000 metric tons per day.
The facility is to be set up in two phases, each phase having a production capacity of 500 metric tons per day each.
The manufacturing facility will be set up by a joint venture company to be incorporated by and between the ICI Pakistan and Tariq Glass Industries Limited.
ICI Pakistan and Tariq Glass Industries Limited equity participation in the issued and paid up capital of JVCO is intended to be 51 percent and 49 percent, respectively.
The approval granted by the board and implementation of the joint venture arrangement are subject to receipt of necessary corporate and regulatory approvals.
ICI Pakistan Limited is incorporated in Pakistan. The Company is engaged in the manufacturing of polyester staple fiber, POY chips, soda ash, specialty chemicals, sodium bicarbonate, polyurethanes and marketing of seeds, toll manufactured and imported pharmaceuticals and animal health products; and merchanting of general chemicals and manufacturing of masterbatches. It also acts as an indenting agent and toll manufacturer.
Tariq Glass Industries Limited was incorporated in Pakistan in 1978 and converted into a Public Limited Company in the year 1980. The Company is principally engaged in manufacturing and sale of glass containers, opal glass, tableware and foat glass.
