Service Industries plan green field tyre project

Pakistan top shoe producer and exporter – Service Industries Limited, plan to expand its tyre production facility at a cost of US $ 30.6 million in the country.

The Company has informed Pakistan Stock Exchange (PSX) today that its Board of Director has decided to enter into a Joint Venture Agreement amongt the Company, Chaoyand Long March Tyre Co.

, Ltd (‘LM’) of China and Myco Corporation of Pakistan (‘MC’) for the setting up of a green field project for undertaking the manufacturing and sale of truck and bus radial category of tyres in Pakistan (the “Project”) to serve the progressive demand of local market as well as its export to other countries.

To incorporate a joint venture company (‘JVC’) under the name of Service Long March Tyres (Private) Limited or any other similar name, the company has sought the approval of Securities and Exchange Commission of Pakistan for undertaking the Project.

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