Service Industries shareholders approve Rs1.5bn investment in Service Long March Tyres

MG News | January 17, 2024 at 05:30 PM GMT+05:00

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January 17, 2024 (MLN): The shareholders of Service Industries Limited (PSX: SRVI) have authorized the company to make further long-term equity investments in Service Long March Tyres (Private) Limited of up to Rs1.5 billion, company's filing on the local bourse revealed.

The purpose of this investment is to subscribe, at par value, to up to 150 million fully paid-up ordinary right shares of Rs10 each in Service Long March Tyres.

It is crucial to note that the Service Long March Tyres is a subsidiary of SRVI and the aforesaid special resolution is valid for a period of 5 years.

Accordingly, the shareholders have empowered and authorized the CEO and Directors of the company to undertake the decision of said investment and to do all acts, matters, and deeds to complete all legal formalities as may be necessary or incidental expedient for the purpose of implementing the aforesaid resolution.

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