Service Global Footwear Limited  has entered into a joint venture agreement with Golden Star Footwear Group Limited, a Chinese company, to establish a manufacturing and export project for non-leather footwear in Pakistan. SGFL will hold a 51% equity stake, while Golden Star Footwear Group will retain 49%. The new venture aims to enhance Pakistan’s footwear manufacturing sector and increase exports. The two companies have agreed to incorporate a new Joint Venture Company (JVC) to manage the project, subject to approval by the Securities and Exchange Commission of Pakistan. The investment in the proposed JVC will amount to up to Rs. 1,000,000,000 (Rupees One Billion) over the next five years, with investments being made progressively, subject to shareholder approval. This partnership underscores SGFL’s efforts to expand its production capacity and strengthen its footprint in the international footwear market while fostering foreign investment in Pakistan’s growing manufacturing sector. (ICE ISLAMABAD)

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