General Tyre & Rubber Company had to issue a clarification on the supposed opening of its new plant in Faisalabad.
It seems some journalists habit of jumping the gun has got the better of a leading tyre manufacturer in Pakistan. PakWheels has learned from reliable sources that the tyre company in question has no plans of opening a new plant in Faisalabad.
What had happened was, General Tyre & Rubber Company had arranged a presser during which a few journalists had inquired about its expansion plans. The representatives of the company had replied that for expansion they would require at least $200 – $300 million. Further, General Tyre & Rubber Company, being a public limited company, would first require the approval of its board of directors before an expansion. In short, General Tyre & Rubber Company all but negated the possibility of any expansion plans.
The journalists, on the other hand, put two and two together and concocted a story wherein General Tyre & Rubber Company had plans of establishing a new plant in Faisalabad. To this end, the company had communicated the same to Pakistan Stock Exchange (PSX). In reality, General Tyre & Rubber Company had sent no such communication to PSX, PakWheels learned on good authority.
