Service Industries Ltd to form JVC with Chinese Company for setting up of Greenfield project

News Image

By MG News | November 15, 2019 at 03:59 PM GMT+05:00

0:00

November 15, 2019 (MLN): The Board of Directors of Service Industries Limited, in its meeting held on Friday, has resolved to enter into a Joint Venture Agreement with Chaoyang Long March Tyre Co. of China and Myco Corporation of Pakistan for the setting up of a greenfield project.

The project shall entail manufacturing and sale of truck and bus radial category of tyres in Pakistan to serve the progressive demand of the local market as well as its export to other countries.

According to the notification issued by the company in this regard, the equity stake of parties in the Joint Venture Company will be as follows

  1. Service Industries limited – 51% (with or without collaboration of associates/others)
  2. Long March Tyre Co. – minimum 44% (maximum 49%)
  3. Myco Corporation – maximum 5% (any shortfall will be contributed by Long March Tyre Co.)

The Joint Venture will be incorporated under the name of ‘Service Long March Tyres (Private) Limited’ or any other similar name.

Furthermore, the Board resolved to make long term equity investment of up to USD $30.6 million in equivalent Pakistani Rupees in the above mentioned Joint Venture Company, from time to time within a period of 3 years.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 131,949.07
198.95M
0.97%
1262.41
ALLSHR 82,069.26
730.83M
0.94%
764.01
KSE30 40,387.76
80.88M
1.11%
442.31
KMI30 191,376.82
77.76M
0.36%
678.77
KMIALLSHR 55,193.97
350.11M
0.22%
119.82
BKTi 35,828.25
28.42M
3.64%
1259.85
OGTi 28,446.34
6.84M
-1.02%
-293.01
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 109,770.00 110,525.00
107,865.00
-645.00
-0.58%
BRENT CRUDE 67.66 67.79
67.36
-0.64
-0.94%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 106.00 106.00
105.85
-2.20
-2.03%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.82 67.18
65.40
-1.18
-1.76%
SUGAR #11 WORLD 16.37 16.40
15.44
0.79
5.07%

Chart of the Day


Latest News
July 05, 2025 at 11:58 PM GMT+05:00

Weekly Market Roundup


July 05, 2025 at 02:57 PM GMT+05:00

National Savings Schemes see over Rs27bn inflow in May


July 04, 2025 at 10:16 PM GMT+05:00

CAT upholds CCP’s ruling against PREMA Milk


July 04, 2025 at 10:07 PM GMT+05:00

Gold price in Pakistan falls Rs1,500 per tola


July 04, 2025 at 08:01 PM GMT+05:00

TRG in Supreme Court



Top 5 things to watch in this week

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