Karachi July 31 2024: Service Global and Chinese Chaoyang Long March Tyre Joint venture Service Long March Tyres board decided to offer shares to its employees.
The Board of Directors and shareholders of Service Long March Tyres (Private) Limited (‘SLM’) an associated company of Service Industries Limited (the ‘Company’) has approved the issuance of Employees Stock Options in accordance with Companies Act, 2017 and related Regulation thereon.
Under this scheme, maximum number of shares of SLM to be issued under the Scheme shall be 91,500,000 ordinary shares of SLM from time to time during the years 2025 to 2030 i.e., approximately 6.0% of the enhanced paid-up share capital of SLM.
This will increase the paid-up share capital of SLM and the percentage of shareholding of the Company and its subsidiaries i.e., Service Global Footwear Limited and Service Tyres (Private) Limited in SLM may reduce up to 20.76%, 17.78% and 9.40%, respectively, (aggregately up to 47.94%) depending on issuance of shares during the years 2025 to 2030.
The terms of Joint Venture Agreement executed amongst the Company, Chaoyang Long March Tyre Co., Ltd of China, Service Global Footwear Limited and Myco Corporation of Pakistan will be amended in order to give effect to the above changes.
