Tariq Glass Industries Limited (TGL), a glass tableware manufacturer in Pakistan, said its float glass manufacturing facility project, being built in partnership with Lucky Core Industries Limited (LCI), has struggled to achieve completion due to challenging economic conditions.
The listed company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday.
“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,” read the notice. “Originally slated for commercial operations in FY 2024-2025, the delays result from uncertain economic conditions,” it said.
The development comes as industries in the South Asian country remain engulfed in a myriad of economic challenges including rising interest rates, high energy tariff, supply chain issues and dwindling demand.
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Meanwhile, Tariq Glass shared that despite challenges, both partners, including LCI, remain committed to project completion. “We are actively exploring strategies to expedite execution and mitigate economic impacts,” it added.
A similar statement was released by LCI, formerly ICI Pakistan Limited, in its filing to the bourse on Thursday.
TGL was established in 1978, the company manufactures and sells glass containers, opal glass, tableware and float glass under the brand names Omroc, Toyo Nasic, and NOVA glassware. The company is present in both, the domestic market as well as the international market, selling to countries like Afghanistan and Sri Lanka.