Service Global Footwear Limited (SGFL), a subsidiary of Service Industries Limited, has approved the formation of a joint venture with China’s Golden Star Footwear Group Limited to manufacture and sell non-leather footwear in Pakistan and overseas markets. The decision was taken at a meeting of SGFL’s board of directors held on January 20, 2026, and was disclosed to the Pakistan Stock Exchange (PSX) on Wednesday. According to the notice, the joint venture will be established under a new company name to be approved by the Securities and Exchange Commission of Pakistan. SGFL will hold a 51% equity stake in the venture, while Golden Star Footwear Group Limited will own the remaining 49%. The first phase of the project is estimated to cost $6.5 million. Both partners will contribute capital in proportion to their respective shareholdings. The board has also approved a long-term equity investment of up to Rs1 billion in the proposed joint venture over a five-year period. This investment will be made subject to shareholder approval, in line with Section 199 and other applicable provisions of the Companies Act, 2017. In addition, SGFL has approved the leasing of its land and building located in Muridke, Punjab, to the proposed joint venture. The property spans 136,816 square feet, with a covered area of 79,760 square feet. The lease will initially be for a period of one year. Service Global Footwear Limited was incorporated in Pakistan in 2019 as a public limited company. It is engaged in the manufacturing, marketing, sale, import, and export of footwear, leather, and allied products