Service Global Footwear Ltd applies for listing on PSX

February 12, 2021 (MLN): Service Global Footwear Limited has applied for listing on the Pakistan Stock Exchange. According to a notice issued by PSX in this regard, the Company shall be issuing 40,887,500 Ordinary Shares using the 100% Book Building Method at a Floor Price of PKR 38/- per share.

Initially, 75% of the issue size i.e. 30,665,625 Ordinary Shares will be allotted to Successful Bidders and 25% of the issue i.e. 10,221,875 Ordinary Shares will be offered to Retail Investors. Unsubscribed shares, if any, of the General Subscription portion will be allocated to Successful Bidders of the Book Building portion on a pro-rata basis.

The principal purpose of the issue is to invest the entire amount raised at the Floor Price as an equity investment in “Service Long March Tyres (Private) Limited” and become a stakeholder of approximately 18.91% of the total shareholding of SLM.

After the equity investment from SGFL, the aggregate holding of SIL and SGFL in SLM would constitute 51%.

Any excess proceeds raised over the Floor Price would be utilized either to fund the internal working capital requirement of SGFL or to make equity investment in SLM, as deemed appropriate by the BOD of SGFL. Additional equity investment in SLM from SGFL would reduce the holding of SIL in such a way that the aggregate investment of Servis Group wouldn’t deviate from 51%.

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Posted on: 2021-02-12T19:34:00+05:00

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