Service Industries announces new tyre subsidiary for business expansion
- Shares intention with PSX
Service Industries Limited's subsidiary, Service Tyres, plans to establish Service Tyres International to expand its tyre business, building on its significant role in Pakistan's automotive sector.
- Service Industries Limited's new subsidiary for tyre expansion.
- Service Long March Tyres' role in Pakistan's automotive sector.
- Strategic importance of truck and bus radial tyres.
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 (PSX).
The notice stated that additional information regarding the proposed subsidiary would 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, Service Long March Tyres (SLM) commenced commercial operations in March 2022.
The company operates a manufacturing facility at SITE Nooriabad, Sindh, spread over approximately 50 acres of SEZ land.
SLM has emerged as a key player in Pakistan’s automotive manufacturing landscape since commencing operations, focusing primarily on the truck and bus radial tyre market, which plays a critical role in supporting the country’s transportation, logistics, trade and industrial sectors.