Lahore: Global Ghani Glass Limited (GGGL) is all set to make an aggressive expansion of over Rs 7 billion in various stages during the current fiscal year.
According to a company notification, the Board of Directors of Ghani Global Glass Limited in their meeting held at Corporate Office of the Company has decided to approve expansion plan and to raise certain funds through further issue of share capital, to be effectuated once the corporate formalities are completed.
It was said to increase authorized share capital of the company from PKR 2,000,000,000 to PKR 3,000.000,000, subject to approval by shareholders of the Company.
The sources said that due to the government business friendly policies amid Corona the company has been able to attain growth.
Reduction in policy rate and the COVID-19 relief package has enabled the company to increase sales and its profitability.
Sources said that the company is aggressively heading towards investing over Rs 7 billion in various stages during the current financial year.
The expansion will further improve company sale, profitability and infrastructure strengthening the company ability to compete effectively in the glass sector.
The sources said ultimately mother company GGL will expand in size and scale making the Ghani Group even stronger.
Meanwhile, Ghani Auto Mobile Industry Limited has decided to reschedule its loans which will help the company to be able to put its production line on the modern lines.
The sources said that reduction in policy rate has led the company to sustain it financial burden while reduction in various duty and taxes on automobile has also proved instrumental.