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Karachi, In an Extraordinary General Meeting held on January 17, 2024, shareholders of Service Industries Limited passed a special resolution authorizing a significant equity investment in its associated/subsidiary company, Service Long March Tyres (Private) Limited.
According to the resolution, the company received approval to invest up to PKR 1,500,000,000 (Rupees One Billion Five Hundred Million) in Service Long March Tyres (Private) Limited. This investment will be utilized to subscribe to up to 150,000,000 fully paid-up ordinary right shares at PKR 10 each. The resolution adheres to Section 199 and other applicable provisions of the Companies Act, 2017.
This strategic investment decision demonstrates Service Industries Limited’s commitment to expanding and strengthening its business portfolio. The substantial investment in Service Long March Tyres (Private) Limited is expected to enhance the subsidiary’s financial and operational capacity.
The resolution, certified and enclosed as per Clause 5.6.9(b) of PSX Regulations, reflects the shareholder’s confidence in the company’s growth strategy and long-term vision for its subsidiary.