Lahore, In a significant move, shareholders of Service Industries Limited convened in an Extraordinary General Meeting (EGM) on May 6, 2024, where they passed a special resolution endorsing a major restructuring scheme. The resolution facilitates a scheme of arrangement involving Service Industries Limited and its associated entities—Service Tyres (Private) Limited, Service Retail (Private) Limited, and Service Industries Capital (Private) Limited.
The approved scheme includes provisions for compromise, arrangement, and reconstruction among these entities. The EGM, led by the chairpersons of the meeting, initialed the scheme for identification and implementation purposes. This approval is contingent on any modifications or conditions that may be imposed by the Honourable Lahore High Court, Lahore.
Furthermore, the resolution empowers either the Chief Executive Officer or the Company Secretary of Service Industries Limited to execute all necessary steps and measures to ensure the implementation and completion of the scheme.