Press Release
VIS Assigns Preliminary Rating to Proposed Sukuk of Ghani Global Glass Limited
Karachi, March 5, 2026: VIS Credit Rating Company Limited (VIS) has assigned preliminary rating of ‘A- (plim)’ (Single A minus preliminary) to Ghani Global Glass Limited’s proposed PKR 1,200 million Sukuk (‘Sukuk’ or ‘the Instrument’). The long-term rating of 'A- (plim)' denotes good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy. Outlook on the instrument rating is ‘Stable’. Rating will be finalized on review of final Sukuk documents.
Ghani Global Glass Limited was incorporated in Pakistan on October 4, 2007, as Ghani Tableware (Private) Limited under the Companies Ordinance, 1984 (now the Companies Act, 2017). In July 2008, the Company converted to an unlisted public company and was renamed Ghani Tableware Limited, before adopting its current name, Ghani Global Glass Limited, in July 2009. Following a merger with Libas Textiles Limited, a listed company, GGGL became publicly listed on the Pakistan Stock Exchange on December 12, 2014, and commenced commercial operations on April 1, 2016.
The Company is primarily engaged in the manufacturing and sale of glass tubes (used as raw material for pharmaceutical packaging), vials (packaging for injectable pharmaceuticals), ampoules, glassware (various industrial and commercial applications), and specialty chemicals (associated with glass processing). GGGL possesses the latest technology and a state-of-the-art manufacturing facility, imported and installed by qualified professionals from European countries. Its registered office is located at 10-N, Model Town Extension, Lahore, while its advanced manufacturing plant operates at 52 KM, Lahore-Multan Road, Phool Nagar, District Kasur.
The assigned ratings reflect Ghani Global Glass Limited’s established market position in the pharmaceutical and specialty glass segment, supported by upgraded manufacturing facilities, technological capability, and sustained demand fundamentals. The Company’s consistent revenue growth, healthy operating margins, and improving scale underpin its business profile. Financial risk is assessed as manageable, with adequate leverage and debt coverage metrics, supported by strong sponsor backing through related-party funding. The proposed convertible Sukuk predominantly exhibits debt-like characteristics and is therefore assessed and rated as a debt instrument. Ghani Global Glass Limited currently carries a BBB+/A2 rating with a Positive Outlook from PACRA. The credit profile of the proposed Sukuk is strengthened by a corporate guarantee from Ghani Global Holdings Limited, which is rated A-/A2 with a Stable Outlook by PACRA, providing additional comfort to investors and supporting the assigned rating.
For further information on this rating announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
Corporate Rating
https://docs.vis.com.pk/docs/CorporateMethodology.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf