Ghandhara Tyre and Rubber Company Limited (GTYR) has announced its collaboration with Shandong Huasheng Rubber Co., Ltd. (SHRC), a prominent Chinese technology service provider, to explore the establishment of a joint venture in Pakistan.
The listed company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“Ghandhara Tyre and Rubber Company Limited (formerly The General Tyre and Rubber Company of Pakistan Limited) has entered into a non-binding Memorandum of Understanding (MoU) 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,” read the notice.
GTYR and SHRC plan to explore the possibility of setting up a joint venture company in Pakistan for inter alia, manufacture, sale, marketing and supply of truck bus radial and passenger car radial tyres, focusing on export markets, the company informed.
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“The setting up of the joint venture company is subject to satisfactory feasibility studies, internal and regulatory approvals and execution of definitive agreements,” it added.
Incorporated in Pakistan on March 7, 1963 as a private limited company, under the Companies Act, GTYR is engaged in the manufacturing and trading of tyres and tubes for automobiles and motorcycles.
Meanwhile, Shandong Huasheng Rubber Group, founded in 1983 in Dongying city, has grown steadily with a compound annual growth rate of 18% for more than 30 years. The company has developed into an international global top-tier modern enterprise with assets of more than 5 billion yuan.
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