Service Industries Limited has informed Pakistan Stock Exchange (PSX) today that “Service Long March Tyres (Private) Limited (‘SLM’), an associated company of Service Industries Limited (the ‘Company’), has announced expansion plans.
Recall that SLM is a joint venture project that manufactures and sells truck and bus radial tyres in Pakistan. The Company and its subsidiary company, Service Global Footwear Limited, hold 32.09% and 18.91% equity stake, respectively, in SLM.”
Chairman Li Qinqwen and CEO Omar Saeed called on PM Shehbaz Sharif at the PM office earlier. Service Long March plans to increase its investment in the Pakistan JV company to $200m. The company plans to move towards $100m annual exports and become Pakistan’s largest engineering goods exporter. PM thanked the Chinese investors for their confidence in Pakistan and assured them of complete support from all departments. The meeting was attended by SAPM Tariq Pasha, Secretary Commerce, Secretary Investment and Secretary Industries.