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 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.
The company operates a manufacturing facility at SITE Nooriabad, Sindh, spread over approximately 50 acres of SEZ land.
Service Long March Tyres 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.