ISLAMABAD: Service Global Footwear Ltd., Pakistan’s largest shoe exporter, is planning an initial public offering in the domestic market to raise funds to invest in its parent’s tire joint venture, Bloomberg reported on Tuesday.
Service Global Footwear is part of Service Industries Ltd., which has more than 13,000 employees and is known for its shoes and tires in Pakistan. The footwear unit supplies brands including Inditex SA’s Zara, Levi Strauss & Co.’s Dockers and Reckitt Benckiser Group Plc’s Scholl. The business has an annual revenue of about $44 million and exports to European countries such as Germany, France and Italy. It has a capacity to produce 3.6 million pairs of shoes annually.
A representative for Service Industries confirmed the details of its unit’s IPO plans.
Service Global Footwear plans to use the IPO proceeds to buy about 20% stake in a joint venture set up by Service Industries and China’s Chaoyang Long March Tyre Co., Shahid Ali Habib, chief executive officer at Arif Habib Ltd., the sole adviser on the IPO told Bloomberg.
“The business will manufacture truck and bus radial tires in Pakistan for export from a factory near Karachi. At a cost of about $250 million over seven years, it’s the largest investment in a tire manufacturing plant in the country. The first phase will start operations in August,” Bloomberg reported.
The Lahore-based company plans to raise at least 1.6 billion rupees ($10 million) by offering 41 million shares at a floor price of 38 rupees each, Habib said.
“The price could be boosted by as much as 40%, meaning Service Global Footwear could raise as much as $14 million,” Habib added. “The company is scheduled to start taking investor orders as soon as the last week of March.”
“The shoemaker is joining a global rush to tap capital markets for funds, riding on strong investor sentiment,” Bloomberg added. “Pakistan’s benchmark KSE-100 Index’s 33% gain in the past year has encouraged the country’s first-time share market, which is seen as heading for a record year.”
Pakistan’s largest shoe exporter plans $10 mln IPO to invest in Chinese tire company
https://arab.news/9699h
Pakistan’s largest shoe exporter plans $10 mln IPO to invest in Chinese tire company
- Service Global Footwear plans to use IPO proceeds to buy 20% stake in joint venture with China’s Chaoyang Long March Tyre Co
- Footwear unit supplies brands including Inditex SA’s Zara, Levi Strauss & Co.’s Dockers and Reckitt Benckiser Group Plc’s Scholl
Pakistan’s defense chief accuses ‘Indian-sponsored proxies’ of fueling violence in Balochistan
- Field Marshal Syed Asim Munir speaks to participants of 18th National Workshop on Balochistan
- Warns violation of Pakistan’s territorial integrity will be met with a “firm and decisive response”
ISLAMABAD: Pakistan’s Chief of Defense Forces (CFD) Field Marshal Syed Asim Munir on Wednesday blamed militant groups allegedly sponsored by India for fueling violence and disrupting development in the province, warning the military will foil their designs.
Munir was speaking to participants of the 18th National Workshop on Balochistan (NWB) at the General Headquarters of the military in Rawalpindi. The NWB features discussions on Pakistan’s policies on security, development and other challenges related to Balochistan by officials, leaders and citizens.
Pakistan accuses India of sponsoring militant groups in its southwestern Balochistan province, who demand independence from Islamabad. India rejects the allegations. These ethnic Baloch militant groups accuse Pakistan’s government and military of denying locals a share in the province’s mineral wealth, charges that both deny.
“Highlighting the security challenges, the COAS & CDF remarked that Indian-sponsored proxies continue to propagate violence and disrupt development in Balochistan,” the Inter-Services Public Relations (ISPR), the military’s media wing, said in a statement.
“He reaffirmed that such inimical designs will be thwarted through stern actions by security forces to rid the province of terrorism and unrest.”
The Pakistani army chief lauded the federal and provincial governments’ initiatives for Balochistan’s development, underscoring a people-centric approach to unlock the province’s “vast economic potential.”
Munir appreciated the civil society for its constructive role in debunking propaganda, the military’s media wing said.
“He stressed the importance of rejecting vested political agendas to ensure that Balochistan’s future is shaped by long-term prosperity for all its residents,” the ISPR said.
The CDF reaffirmed Pakistan’s commitment to regional peace but stressed that any violation of the country’s territorial integrity will be met with a decisive response.
Pakistan suffered a surge in militant attacks in its northwestern and Balochistan provinces this year. As per the Pakistan Institute for Conflict and Security Studies (PICSS) think tank, combat-related deaths in 2025 rose by 73 percent to 3,387, compared with 1,950 in 2024.
These deaths included 2,115 militants, 664 security forces personnel, 580 civilians and 28 members of pro-government peace committees (combatants), the think tank said in a press release.
“PICSS noted that most violence remained concentrated in Pashtun-majority districts of Khyber Pakhtunkhwa, including the tribal districts (erstwhile FATA), and in Balochistan,” the think tank said in its report on Sunday.
Islamabad also accuses Afghanistan of sheltering militants who launch attacks on Pakistan soil. Kabul rejects these allegations and says it cannot be held responsible for Pakistan’s security lapses.
