Service Global Footwear Approves Financial Statements and Dividend, Renews Significant Investment

Karachi, In a significant gathering on April 26, 2024, shareholders of Service Global Footwear Limited convened for their 5th Annual General Meeting, resulting in several key resolutions impacting the company’s financial direction.

During the meeting, shareholders approved the audited financial statements for the year ended December 31, 2023. This included the Directors’ and Auditors’ Reports, along with the Chairman’s Review, marking a comprehensive acceptance of the past year’s financial outcomes.

A notable financial decision was the approval of a final cash dividend of Rs. 2 per share, which represents a 20% dividend. This is in addition to an interim dividend of Rs. 3 per share, or 30%, bringing the total dividend for the fiscal year to 50%. This move underscores the company’s commitment to returning value to its shareholders.

Additionally, the assembly re-appointed M/s. Riaz Ahmad & Company as the company’s auditors. The Chief Executive has been empowered to finalize their remuneration, ensuring continuity in their financial oversight.

A critical financial strategy was also reaffirmed with the approval of a substantial renewal of investment. The company will extend a working capital loan of up to PKR 4.5 billion to Service Industries Limited, an associated holding company. This renewal, effective until June 30, 2025, follows a previous approval and aims to sustain the liquidity and operational capabilities of the related entity.

The resolutions passed not only reflect a robust financial stewardship but also strategic forward planning, with the company’s leadership authorized to implement these decisions effectively.