Ghani Global Glass Limited (GGGL) had entered into an agreement with an Eastern European company to establish a plant in Serbia.
The GGGL board of directors accepted the MoU at their meeting on June 28, 2021, according to a notification sent to the Pakistan Stock Exchange (PSX) on Monday.
This will be accomplished through a 50/50 joint venture with the Serbian business. According to the notification, the project will involve the manufacture of glass ampoules and vials from glass tubes supplied by the GGGL.
This project will initially cost between $2 and $2.5 million. However, with the addition of the ampoules and vials machines, the project’s cost might reach $9 million.
Additionally, the board of directors determined that GGCL will invest in Serbia as a strategic move that will “potentially open the doors for the export of GGGL glass tubes to Europe,” the announcement stated.