Service Long March announces employee stock options scheme

July 31, 2024 (MLN): The Board of Directors and shareholders of Service Long March Tyres (Private) Limited (SLM) has approved the issuance of Employees Stock Options in terms of Section 83A of the Companies Act, 2017 and related Regulation thereon.

According to a notice issued by Service Industries Limited (PSX: SRVI), the parent company of SLM, the maximum number of shares of SLM to be issued under the Scheme shall be 91,500,000 ordinary shares from time to time during the years 2025 to 2030.

This represents approximately 6% of the enhanced paid-up share capital of SLM.

This issuance will increase the paid-up share capital of SLM.

As a result, the percentage of shareholding of the company and its subsidiaries, namely Service Global Footwear Limited and Service Tyres (Private) Limited in SLM, may reduce to 20.76%, 17.78%, and 9.40%, respectively (aggregately up to 47.94%) depending on the issuance of shares during the years 2025 to 2030.

The terms of the Joint Venture Agreement executed amongst the company, Chaoyang Long March Tyre Co., Ltd of China, Service Global Footwear Limited and Myco Corporation of Pakistan will be amended to give effect to the above changes.

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