Service Global Footwear Approves Rs. 1.5 Billion Investment in Associated Company

Shareholders of Service Global Footwear Limited (PSX: SGF) have authorized the company to make further long-term equity investments of up to Rs. 1.5 billion for acquiring 150 million right shares of Service Long March Tyres (Private) Limited, an associated company at a par value of Rs. 10 per share. SGF, a wholly-owned subsidiary of Service Industries Limited, informed the main bourse on Monday that the aforesaid resolution will be valid for a period of 5 years from the date of approval by the members of the Company. Chief Executive Officer Hassan Javed, Director Arif Saeed, and Director Omar Saeed have been singly empowered and authorized by the company to undertake the decision of said investment and to do all acts, matters, deeds, and things, take any or all necessary actions including signing and execution of agreement(s) and to complete all legal formalities as may be necessary or incidental expedient for the purpose of implementing the aforesaid resolutions, the filing added. The principal activities of the Company are manufacturing, sale, marketing, import, and export of footwear, leather, and allied products.