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

MG News | January 22, 2024 at 12:18 PM GMT+05:00

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January 22, 2024 (MLN): The shareholders of Service GlobalFootwear Limited (PSX: SGF) 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 acquire 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 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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