In a report filed with the Pakistani Stock Exchange, Ghani Global Glass Ltd. (GGGL), the largest producer of neutral glass tubing in Pakistan, announced the approval of a memorandum of understanding (MOU) between themselves and Serbia-based company to set up a plant in Serbia.
While a location has yet to be announced, the initial investment cost projection of 2 to 2.5 million USD suggests that the companies will be looking to outfit an existing location with new equipment. GGGL will form a joint venture with the Serbian company, with a 50 percent sharing ratio, for the production of glass vials and ampoules made from glass tubing supplied by Ghani .
GGGL reportedly expects to invest an additional 9 million USD once the facility is up and running, and will use its own resources to invest in the further development of the proposed plant.
The opening of a plant of this type is expected to lead to exportation of GGGL products to Europe.