Service Industries Limited to restructure its Tyres & Tubes segment

News Image

MG News | December 14, 2023 at 01:12 PM GMT+05:00

0:00

December 14, 2023 (MLN): The Board of Directors (BoD) of Service Industries Limited (PSX: SRVI) has decided to demerge and transfer the Tyres & Tubes segment of the company along with its manufacturing facilities to a wholly owned subsidiary, the company's notice to the PSX showed today.

The subsidiary will be incorporated through the court sanctioned scheme, which will be subject to the finalization of relevant documentation and approval of the scheme by the BoD of SRVI.

Moreover, the BoD of SRVI has decided to demerge and transfer the Retail segment of SRVI along with its all relevant assets, operations liabilities, etc., to a wholly owned subsidiary of the company (to be incorporated).

This will also be subject to the finalization of relevant documentation and approval of the scheme by the BoD of the company.

SRVI will continue to own and operate the remaining businesses comprising of footwear unit and investments after the de-merger of the Tyres & Tubes segment and Retail Segment from Service Industries Limited.

Further, the BoD decided to increase the long-term equity investment in Service Long March Tyres (Private) Limited (SLM), an associated / subsidiary company, by up to Rs1.5 billion from time to time, as and when required by SLM, by subscribing, at Par, up to 150 million further fully paid up ordinary right shares of Rs10 each.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 148,617.78
624.60M
0.86%
1274.27
ALLSHR 91,685.08
1,340.28M
0.74%
669.39
KSE30 45,247.79
197.43M
0.83%
370.74
KMI30 212,370.79
224.51M
1.05%
2209.48
KMIALLSHR 61,227.89
711.87M
1.18%
715.56
BKTi 41,264.02
160.39M
0.54%
221.73
OGTi 30,019.10
23.63M
0.64%
190.41
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,265.00 113,390.00
108,020.00
-4475.00
-3.97%
BRENT CRUDE 67.46 67.94
67.29
-0.52
-0.76%
RICHARDS BAY COAL MONTHLY 88.70 88.70
88.70
-0.75
-0.84%
ROTTERDAM COAL MONTHLY 96.15 96.75
96.00
-0.40
-0.41%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 64.01 64.55
63.88
-0.59
-0.91%
SUGAR #11 WORLD 16.34 16.52
16.33
-0.14
-0.85%

Chart of the Day


Latest News
August 30, 2025 at 04:28 PM GMT+05:00

Key Pakistan Market Stats and Economic Indicators


August 29, 2025 at 06:04 PM GMT+05:00

SCRA inflows offset Rs8.5bn net selling


August 29, 2025 at 05:46 PM GMT+05:00

SECP cuts bonus, right issue timelines



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg