Karachi, January 21, 2026 – The Board of Directors of Service Global Footwear Limited (SGFL) has approved a series of key strategic decisions aimed at expanding the company’s manufacturing footprint and export potential. The approvals were granted during the board meeting held on January 20, 2026, according to a company statement shared with Pakistan Stock Exchange (PSX) on Wednesday.
The board authorized SGFL to enter into a Joint Venture Agreement with Golden Star Footwear Group Limited, a China-based footwear manufacturer. The proposed venture will focus on the manufacturing and sale of non-leather footwear in Pakistan, with plans to export finished products to international markets. Under the agreed structure, SGFL will hold a 51 percent equity stake, while Golden Star Footwear Group Limited will own the remaining 49 percent in the joint venture.
To execute the project, the board also approved the incorporation of a Joint Venture Company (JVC), subject to the name approval by the Securities and Exchange Commission of Pakistan (SECP). In addition, SGFL has sanctioned a long-term equity investment of up to Rs1 billion in the proposed JVC over a period of five years, subject to shareholder approval in accordance with Section 199 and other relevant provisions of the Companies Act, 2017.
Furthermore, the board approved the proposal to lease SGFL-owned land and building located at 10 km Muridke–Sheikhupura Road, Muridke, Punjab, to the JVC for one year. The property spans 136,816 square feet of land with a covered area of 79,760 square feet, with the lease subject to shareholder approval under applicable laws.