Pak Suzkui Motor Company will benefit a financial facility of Rs. 744 million from Meezan Bank put a plant of automobile glass manufacturing contained by its associated company, Techno Auto Glass (TAG) Ltd.
According to the stock filing, the decision was taken in the board meeting held lately which set on that company may seek out endorsement of its members to be approved to issue Corporate Guarantee up to Rs. 744 million to Meezan Bank Limited for Tecno Auto Glass Limited.
A corporate assurance is an agreement to a bank that a mortgage will be repaid, assured by a company other than the one who took the financing. Characteristically, a superior company (often a parent company, (Pak Suzuki in this case) will make the assurance on behalf of a smaller company which may not be renowned or have developed a association with the lender.
The establishment of the new plant is being carried out largely for the growth of the localized manufacturing and engineering unit in Pakistan in the automobile and its linked industry.
This unit will provide the rising needs of glass related parts being used in the passenger cars and commercial vehicles, which have high demand at present in the local market.
Not only the demand of local industry will be met through this unit, but the generation of skilled jobs is on the cards in automobile and its related sector.
Tecno Auto Glass is a mutual business among Pak Suzuki and Techno Pack Telecom (Pvt) Limited (TPT) where Pak Suzuki holds 40% of paid up capital and the rest 60% with be with TPT and its nominees.
Pak Suzuki Motor Company is spending long term impartiality investment of Rs344.4 million by way of purchase of 34,440,000 ordinary shares of Rs10 each for setting up Tecno Auto Glass Limited.
The final authorization will be taken in the extraordinary meeting to be held in October 30, this year.
Job Opportunity
Setting up a plant inside the country shows the way to aid in making job opportunities and embark upon poverty in the country. The plant will not just offer jobs to engineers, but also to suppliers, distributors, and labor workers as well.
Suzuki has a 5-step recruitment process which includes;
- Apply Online
- Written Test
- Interview(s)
- Medical & Document Verification
- Offer & Joining
