Service Long March Tyres (Private) Limited, a China-Pakistan joint venture enterprise and an associated company of Service Global Footwear Limited (PSX: SGF), has announced expansion plans.
This announcement comes after Chairman Li Qingwen and CEO Omar Saeed called on PM Shehbaz Sharif last week. During the meeting, Service Long March shared its intention to increase its investment in the Pakistan JV company to $200 million.
The company plans to move towards $100 million in annual exports and become the most prominent engineering goods exporter from Pakistan.
Service Industries Ltd. and China’s Chaoyang Long March Tyre Company Limited. formed a joint venture (SLM) in Pakistan in November 2019 to oversee the development of the radial truck/bus tyre facility.
SLM is a joint venture project which manufactures and sells truck and bus radial category of tyres in Pakistan. SGF and its holding company, Service Industries Limited, hold 18.91 percent and 32.09 percent equity stakes, respectively, in SLM.
