KARACHI: Service Industries Limited (PSX: SRVI) on Friday informed the Pakistan Stock Exchange that its subsidiary, Service Long March Tyres (Private) Limited (SLM), has decided to raise fresh capital through an Initial Public Offering (IPO) and subsequently list on the PSX.
“We are pleased to convey that Service Long March Tyres (Private) Limited (SLM)… has decided to raise capital through IPO and, accordingly, to seek listing on the Pakistan Stock Exchange Limited,” the company stated in its notice.
SLM, Pakistan’s leading all-steel radial truck-and-bus (TBR) tyre manufacturer, is a joint venture between Servis Group and China’s Chaoyang Long March Tyre Co. Service Industries and its subsidiary Service Global Footwear currently hold 32.09% and 18.91% stakes in SLM, respectively.
The company had earlier announced plans to invest an additional Rs60 billion in Pakistan, including a new export-oriented project targeting specialised tyres for the EU and US markets.
The move follows recent IPO announcements in the corporate sector, including Ghani Dairies Limited’s planned Rs2.5 billion offering.