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Karachi: Service Global Footwear Limited has successfully credited 138,900 ordinary shares to the accounts of eligible employees who exercised their options under the company’s Employee Stock Option Scheme (ESOS), approved by the Securities and Exchange Commission of Pakistan (SECP).
The transaction, completed on July 23, 2024, is part of an ongoing effort to engage and reward employees by allowing them to buy shares at a predetermined price. Following the allotment, the revised paid-up capital of the company stands at Rs. 2,060,564,000, divided into 206,056,400 ordinary shares priced at Rs. 10 each.
According to information available from the Pakistan Stock Exchange (PSX), this move is aligned with the SECP’s guidelines and the Central Depository System’s standard operating procedures (SOPs), as overseen by the Central Depository Company of Pakistan Limited (CDC).
The statutory auditors of Service Global Footwear Limited issued a certificate confirming the receipt of subscription money totaling Rs. 4,167,000 against the subscription of the shares. This certification is essential for compliance and is intended for submission to the CDC and PSX.
The auditors’ report detailed the verification process, including the review of relevant scheme approvals, shareholder meeting minutes, and bank statements confirming the receipt of funds. They confirmed compliance with all regulatory requirements and SOPs concerning the share allotment.
This issuance of shares under the ESOS not only represents a significant engagement strategy for Service Global Footwear Limited but also underscores the company’s commitment to transparent and compliant corporate practices. The TRE Certificate Holders of the Exchange and all concerned parties have been duly informed about these developments.