Service Industries Ltd’s Subsidiary enters as shareholder in JV for Greenfield Project

MG News | January 06, 2021 at 10:25 AM GMT+05:00

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January 06, 2020 (MLN): Service Industries Limited (SRVI) has informed via notification to Exchange that Service Global Footwear Limited (SGFL') a subsidiary of the Company will be included as a shareholder in Joint venture project, Service Long March Tyres (Private) Limited ('SLM'),

SRVI incorporated in terms of Joint Venture Agreement executed amongst the Company, Chaoyang Long March Tyre Co., Ltd (LM) of China and Myco Corporation of Pakistan (MC). The equity stake of the parties in SLM will be - Service Industries Limited and associates/others (51% including SGFL not to be more than 23%), LM (44%, maximum 49%) and MC (maximum 5%).

According to the notice, SLM is setting up a greenfield project for undertaking the manufacturing and sale of truck and bus radial category of tyres in Pakistan for local consumption and export. SGFL, as intimated vide notification dated 29 September 2020, is in the process of raising capital through Initial Public Offering (IPO) and get itself listed on the Pakistan Stock Exchange Limited. The proceeds of the IPO will mainly be utilized for making investments in SLM.

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