Service Industries Capital to incorporate Singapore Hold Co

MG News | December 30, 2022 at 02:55 PM GMT+05:00

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December 30, 2022 (MLN): The board of directors of Service Industries Capital (Private) Limited (SICPL), the wholly owned subsidiary of the company has decided to incorporate a new company in Singapore (HoldCo) in conjunction with other shareholders of Jomo Technologies (Private) Limited (JTPL), the company filings on PSX showed today.

Accordingly, the existing shareholding of SICPL i.e. 16.49% in JTPL, an associated company, will be swapped with 16.49% shareholding of Singapore HoldCo without movement of actual capital in terms of State Bank of Pakistan's F.E Circular No. 01 dated February 10, 2021, subject to compliance with all applicable laws/regulations.

The directors further decided to close down the business operations of Service Shoes Lanka (Private) Limited ("SSL"), a subsidiary of SICPL, w.e.f. January 15, 2023, owing to the prevailing global and economic downturn and unfavorable business conditions in Sri Lanka and to dispose of the shareholding in SSL subject to compliance with legal requirements.

At the time of writing, the scrip of the company is being traded at Rs338, down by 27 paisa or by 0.08% DoD.

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