Tariq Glass Industries Limited (PSX: TGL) informed the main bourse on Thursday that it has struggled with the float glass manufacturing facility project being built in partnership with Lucky Core Industries Limited (LCI) but vows to complete it.
“We are providing an update on the float glass manufacturing facility project in partnership with Lucky Core Industries Limited (formerly ICI Pakistan Limited). The facility, designed for 1,000 metric tons per day in two phases, faced delays in the first phase (500 metric tons) due to economic challenges. Originally slated for commercial operations in FY 2024-2025, the delays result from uncertain economic conditions,” the stock filing explained.
It added, “Despite challenges, both partners are committed to project completion. We are actively exploring strategies to expedite execution and mitigate economic impacts”.
The Company is principally engaged in the manufacturing and sale of glass containers, opal glass, tableware, and float glass.
TGL’s scrip at the bourse closed at Rs. 96.25, down 0.51 percent or Rs. 0.49 with a turnover of 280,215 shares on Thursday.
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