Service Industries Ltd to consider $30.6 million equity investment in its Joint Venture

MG News | January 10, 2020 at 04:09 PM GMT+05:00

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January 10, 2020 (MLN): An Extraordinary General Meeting of Service Industries Limited will be held on Monday, i.e. February 03, 2020 to consider and pass a Special Resolution, pertaining to long term equity investment of up to $30,600,000 from time to time in Service Long March Tyres (Private) Limited.

An official notification issued by the company in this regard further stated that the aforesaid resolution shall be valid for a period of 3 years from the date of approval by the members of the Company.

For the uninitiated, Service Industries Limited had entered into a Joint Venture Agreement with, Chaoyang Long March Tyre Company, a Chinese Company and Myco Corporation, Pakistan for setting up a Joint Venture Company in Pakistan for the manufacturing of Truck and Bus radial category of tyres.

Accordingly, a Joint Venture Company under the name of Service Long March Tyres (Private) Limited was incorporated in Pakistan on January 7, 2020, with an authorized share capital of Rs. 10 billion.

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