Service Global Footwear Limited Completes Allotment of Shares Under ESOS

Karachi: Service Global Footwear Limited has successfully credited 138,900 ordinary shares to eligible employees under the Employees Stock Option Scheme (ESOS), as approved by the Securities and Exchange Commission of Pakistan. The transaction was completed on July 23, 2024, marking a significant update in the company’s equity structure. According to information available from the Pakistan Stock Exchange (PSX), the revised paid-up capital now stands at Rs. 2,060,564,000, encompassing 206,056,400 ordinary shares valued at Rs. 10 each.

The allotment under the ESOS was certified by an external auditor as per the Central Depository System’s Standard Operating Procedures, mandated by the Central Depository Company of Pakistan Limited (CDC). Verification processes confirmed that the ESOS, initially approved on November 25, 2020, was fully compliant with regulatory requirements. Details from the extraordinary general meeting on October 23, 2020, showed shareholder approval for the issuance of shares to employees, contingent upon necessary approvals.

Financial verifications included scrutinizing bank statements from Standard Chartered Bank and Habib Bank Limited, affirming the receipt of Rs. 4,167,000 as subscription money for the newly issued shares. This amount corresponds to the exercise price of Rs. 30 per share as designated in the ESOS. Additionally, the audit noted that 37,350 options had lapsed according to the scheme’s stipulations.

The certificate issued post-audit reiterates that Service Global Footwear Limited has adhered to all specified procedures and that the revised share capital reflects the additional shares issued under the ESOS. The company has confirmed that no special conditions have been imposed by the SECP regarding the scheme. This development is integral for the Certificate Holders of the Exchange and all related parties, ensuring transparency and compliance in corporate transactions.

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