Service Long March Tyres announces $80m tyre manufacturing facility in Sindh
- Project will serve the domestic as well as export markets
Service Long March Tyres Limited (SLM), a Chinese-Pakistani joint venture, approved an $80 million investment to establish a Passenger Car Radial (PCR) tyre manufacturing facility in Nooriabad, Sindh.
SLM, an associated company of Service Industries Limited, shared the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.
The new project will serve the domestic as well as export markets, added the company.
Last year, SLM announced its plans to raise capital through an Initial Public Offering (IPO) and pursue a listing on the PSX.
“We are pleased to convey that Service Long March Tyres (Private) Limited (SLM), a subsidiary / associated company of Service Industries Limited, has decided to raise capital through IPO and, accordingly, to seek listing on the Pakistan Stock Exchange Limited,” read the notice to the PSX.
SLM is an all-steel radial truck and bus (TBR) Tyre manufacturing company in Pakistan, established through a JV between Servis Group and Chaoyang Long March of China.
Service Industries Limited and its subsidiary, Service Global Footwear Limited, hold 32.09% and 18.91% equity stakes in SLM, respectively.
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