Service Industries announces new tyre subsidiary for business expansion

Service Industries Limited (SIL) announced on Friday that its wholly owned subsidiary Service Tyres (Private) Limited (STPL) intended to incorporate a wholly owned subsidiary under the name Service Tyres International (Private) Limited for expansion of tyre business. The company announced via a notice to the Pakistan Stock Exchange today. The notice stated that additional information regarding the proposed subsidiary will be shared with the bourse in due course. Incorporated in 2020 as a joint venture between Service Industries Limited, China’s Chaoyang Long March Tyre Company Limited, and Myco Corporation Pakistan, SLM commenced commercial operations in March 2022.