SLM commits Rs30bn investment to double output, eyes $100m exports

MG News | May 13, 2024 at 03:10 PM GMT+05:00

0:00

May 13, 2024 (MLN): Service Long March Tyres (Private) Limited (SLM) has committed a further investment of Rs30 billion to double its capacity and to increase exports to $100 million in 2025.

Service Global Footwear Limited (PSX: SRVI), its parent company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

Moreover, SLM has shown an intent to invest a further amount of Rs30bn to start a new project exporting specialized tyres from Pakistan to EU and USA.

Chairman of the company Jin Yongsheng and CEO Omar Saeed met with the Prime Minister Shehbaz Sharif to thank him for the government’s support to the tyre industry.

Shehbaz Sharif promised continued support from all departments and instructed relevant ministries to help export led growth in the country.

SLM is a joint venture project which manufacture and sell all steel radial truck, bus, light truck and off the road tyres in Pakistan.

SRVI and its holding company, Service Industries Limited, holds 18.91% and 32.09% equity stake, respectively, in SLM.

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