Pakistan’s Tariq Glass Industries has acquired a majority share in compatriot container glass and tableware producer Balochistan Glass.
Tariq Glass signed a Share Purchase Agreement with Balochistan Glass (BGL) to acquire 50% of the voting shares of MMM Holding (MMM) which holds 84.34% voting shares of BGL.
Tariq Glass began as a tableware plant producing 15 tons per day. It has now transformed into an industry powerhouse, producing more than 1500 tons of float glass, tableware and container glass daily.
In a statement, Tariq Glass said: “The company has signed a share purchase agreement with Mr Muhammad Tousif Peracha with respect to the aforesaid acquisition which is subject to obtaining all the requisite laws.”
In March this year Tariq Glass expressed its intention to acquire the voting shares of MMM Holding.
Tariq Glass is a manufacturer of glass containers in Pakistan, with a products including tableware, pharmaceutical bottles and glass bottles for the beverage industry.
Balochistan Glass is a listed company engaged in the manufacture of glass containers and tableware for the food and beverage industry.
The acquisition is expected to strengthen Tariq Glass Industries Limited’s position in the glass container market in Pakistan and provide an opportunity to diversify its product portfolio.
The acquisition will also provide Tariq Glass Industries Limited with access to Balochistan Glass’s customer base and distribution network.
