Ghandhara Tyre to Set up JV With Chinese Company to Make Radial Tyres

Ghandhara Tyre and Rubber Company Limited (PSX: GTYR) has entered into a non-binding Memorandum of Understanding with Shandong Huasheng Rubber Co., Ltd. (SHRC), which is a leading technology service provider in the tyre industry based in the People’s Republic of China. Both plan to explore the possibility of setting up a joint venture company in Pakistan for the purposes of inter alia, manufacture, sale, marketing and supply of Truck bus radial and Passenger car radial tyres, focusing on export markets. The setting up of the joint venture company is subject to satisfactory feasibility studies, internal and regulatory approvals and execution of definitive agreements. GTYR is engaged in the manufacturing and trading of tyres and tubes for automobiles and motorcycles.