December 29, 2023 (MLN): The Board of Directors (BoD) of Service Global Footwear Limited (PSX: SGF) have authorized to make a futher long term equity investment of up to Rs1.5 billion in Service Long March Tyres (Private) Limited (SLM), SGF's notice to the local bourse revealed today.
This equity investment comes in addition to the investment of Rs350 million in the company, approved for a period of 3 years from April 28, 2022.
This new proposed investment is to acquire 150m shares of SLM at par value of Rs10 each and shall be valid for a period of 5 years from the date of approval.
It is crucial to note that SLM is an associate company of SGF.
Moreover, the board has also authorized and empowered the CEO and directors of the company to undertake the decision of the said investment and to take all necessary actions to complete all legal formalities for implementing the resolution.
The mentioned agenda is subject to approval by the members of the company in their Extraordinary General Meeting scheduled for January 22, 2024.
