The Board of Directors and shareholders of Service Long March Tyres (Private) Limited, an associated company of Service Industries Limited, has approved the issuance of Employees Stock Options in terms of Section 83A of the Companies Act, 2017 and related regulations.
SLM shared this development with the Pakistan Stock Exchange (PSX) in accordance with the requirements of the Rule Book of PSX and applicable provisions of the Securities Act, 2015.
The 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 overall 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 under the Scheme during the years 2025 to 2030, read the notice.
The company further said that the terms of the joint venture agreement executed amongst the SLM, 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.
