SGF likely to renew investment up to Rs4.5bn in Service industries Limited

By MG News | March 31, 2022 at 03:09 PM GMT+05:00

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March 31, 2022 (MLN): The Board of Directors of Service Global Footwear Limited (PSX: SGF) has recommended the renewal of investment up to Rs4.5 billion in the form of a working capital loan in Service industries Limited- an associated company, for a further period of one year till June 30, 2023, the company filing on PSX showed today.

It is approved by the shareholders vide special resolution dated June 30, 2021, and expiring on June 30, 2022.

Under the foretasted recommendation, all other terms and conditions of the investment will remain unchanged.

The board has also recommended to increase the long-term equity investment in Service Long March Tyres (Private) Limited, an associated company, from Rs2.17bn to up to Rs2.52bn from time to time by subscribing, at par, up to 35 million fully paid up ordinary right shares of Rs10 each.

The aforesaid recommendations by the board are subjected to the approval of the members of the company.

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