KARACHI: Panther Tyres Limited has signed an agreement with Al-Ghazi Tractors Limited, one of the leading manufacturers of tractors in Pakistan for the regular supply of tyres for their product. The contract is likely to have positive impact on the topline growth of the company and net profits.
“The contract Al-Ghazi Tractors will have a positive impact on the annual revenue and consequently increase the bottom line of the company,” the statement issued at the Pakistan Stock Exchange said.
Panther Tyres Limited was founded in 1983. It was the first group in Pakistan to introduce local manufacturing of tyres for two and three-wheelers. The company is also one of the leading manufacturers and suppliers of tyres, tubes, lubricants and spare parts in Pakistan.
The company recently got listed at Pakistan Stock Exchange. In the two-day book-building process, January 27 to 28, Panther Tyres Limited successfully raised Rs2,632 million and saw broad-based participation from institutional and high net worth investors.
Talking to The Correspondent, Mian Faisal Iftikhar, CEO of Panther Tyres Limited, said the company has sought to modernise itself; improving customer support, seeking export partners, and offering its shares in an IPO.
Recently the company produced Pakistan’s first locally made OTR (Off the Road) tyre, usually used by earth-moving vehicles, weighing from 250kg to 450kg per tyre, and is currently is in the phase of establishing a market for its unique product.