Service Industries Ltd's subsidiary to issue 4.35 mln ordinary shares under Employees Stock Options

October 21, 2020 (MLN): The Board of Directors of the Service Global Footwear Limited ('SGFL') wholly owned subsidiary of Service Industries Limited, has approved the issuance of Employees Stock Options in terms of Section 83 of the Companies Act, 2017, subject to requisite permissions and approvals of the shareholders of SGFL and the SECP.

The current paid up share capital of SGFL is PKR 1,635,500,000 divided into 163,550,000 ordinary shares of PKR 10 each.

As per the company’s notice to PSX, the maximum number of shares of SGFL to be issued under the scheme shall be 4,350,000 ordinary shares of SGFL from time to time during the years 2022-2029 i.e., approximately 2.66% of the current paid up share capital of SGFL and approximately 2.13% of the paid-up share capital post issue of right shares at 25% by the SGFL / its listing on the PSX.

This will increase the paid-up share capital of SGFL and the percentage of shareholding of the Company in SGFL may reduce accordingly depending on issuance of shares during the years 2022-2029."

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