The Service Industries Limited, a leading manufacturer of shoe brand Servis, is incorporating a wholly-owned subsidiary company. Company Secretary Waheed Ashraf in a stock filing said that this move is meant to invest in new ventures in Pakistan and abroad. The company board also recommended long-term equity investment of up to Rs 300 million to be made over period of five years in the proposed subsidiary. The above proposal, Ashraf said, would be presented before the board for approval on November 6, during a general meeting in Lahore.

Copyright Business Recorder, 2015