Pak Suzuki Motor Company is set to enter automobile glass manufacturing business in a joint venture with Techno Pack Telecom Pvt. Ltd. This news was revealed in a bourse filing by the company on Wednesday.
The company notice sent to the Pakistan Stock Exchange (PSX) after its Board of Directors authorized the company to make a long-term equity investment of Rs344.4 million by purchasing 34,440,000 ordinary shares of Rs10 each to set up Techno Auto Glass Limited.
Techno Auto Glass Limited would be a joint venture between the two companies where Pak Suzuki will hold 40% of paid up capital whereas the rest 60% will be with Techno Pack Telecom (TPT) and its nominees. It would be a public limited company and an associated company of Pak Suzuki through 40 percent shareholding.
Pak Suzuki is the largest car maker in Pakistan with around 50pc of market share. Last year it partnered with Bank Alfalah to offer Finance Arrangement Program to its customers. This program is aimed to provide people with the financing options whilst buying a car.