Thursday, July 25, 2024

Servis Group to Expand its Business in Singapore

According to today’s company filings on PSX, the board of directors of Service Industries Capital (Private) Limited (SICPL), the company’s wholly owned subsidiary, has decided to incorporate a new company in Singapore (HoldCo) in collaboration with other shareholders of Jomo Technologies (Private) Limited (JTPL).


Accordingly, in accordance with State Bank of Pakistan’s F.E Circular No. 01 dated February 10, 2021, the existing shareholding of SICPL, i.e. 16.49% in JTPL, an associated company, will be exchanged with 16.49% shareholding of Singapore HoldCo without movement of actual capital, subject to compliance with all applicable laws and regulations.


Due to the current global and economic downturn and unfavourable business conditions in Sri Lanka, the directors further decided to shut down the business operations of Service Shoes Lanka (Private) Limited (“SSL”), a subsidiary of SICPL, effective January 15, 2023. They also decided to sell their shareholding in SSL, subject to legal requirements.

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