KARACHI: The board of directors of Service Industries Limited (SIL) approved an investment of Rs100 million in Service Industries Capital (Private) Limited, a bourse filing said on Wednesday.

The company will make long-term equity investment worth Rs100 million in its wholly-owned subsidiary, Service Industries Capital (Private) Limited, for the purpose of investing in securities, listed or otherwise, of associated or other companies.

The board also approved to incur capital expenditure of up to Rs575 million for the acquisition of land and building for future growth and expansion of the company’s facilities from individuals, companies, or other entities.

The chief executive officer of the company is authorized to negotiate, participate in the bidding process and tender offers, and execute the documents and agreements.

The Service Industries Limited (SIL) is a public limited company listed on Pakistan Stock Exchange Limited.

It has annual revenues of around Rs24 billion ($194 million) and is the largest manufacturer of footwear, tyres, and tubes for two-wheelers, and has been the largest footwear exporter of the country for the last 10 years.

The company employs more than 10,900 people in its facilities located in Gujrat and Muridke and exports its products to many destinations around the world.