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PGI up for grabs

Post Time:Mar 12,2009Classify:Company NewsView:306

Plate and Glass Industries (PGI) a subsidiary of Press Corporation Limited (PCL) has been offered to be sold to any interested party.

In a press statement published Monday PCL indicates that the development was due to the ongoing positioning and restructuring of the Press Group.

“An opportunity has arisen to all those interested to purchase PGI, a household name in building and automotive glass, glazing, fabrication and installation of aluminium doors and windows.

“The sale has been necessitated by the vision of the Group to be more focused,” reads part of the statement.

PCL says assets of PGI among others include machinery for processing glass, fabrication of aluminium, trellidors, Venetian blinds and picture frames and raw materials of glass.

“All interested individuals, groups of an individuals and companies are invited to express their interest to be considered and on appointment, view the assets and have access to any relevant information,” says PCL.

The development confirms The Daily Times published two weeks ago that the company closed its business on Friday, February 6, a development that rendered scores of people jobless.

PCL promised the public that they would issue a statement regarding the closure of PGI together with an overall performance of the corporation.

The closure of PGI comes at the time when countries world over are experiencing the impact of global financial crisis. 

Source: dailytimes.bppmw.comAuthor: shangyi

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