Pace (Pakistan) Limited (PACE) has announced that its board of directors has approved an equity investment of up to Rs1.5 billion in associated company Ever Green Water Valley (Pvt.) Ltd. and the divestment of its 15.4% stake in Pace Barka Properties Limited.
The listed company, a part of First Capital Group, which owns and operates a diversified business portfolio, shared the development via a notice to the Pakistan Stock Exchange (PSX) on Friday.
“This is to inform you that the board of directors of the company has approved to make an equity Investment in Ever Green Water Valley (Pvt.) Ltd, an associated company, upto Rs1,500.00 million only in accordance with the provisions of the Companies Act, 2017, on such terms and conditions to be determined by the Board of Directors of the Company, subject to necessary shareholders and corporate approvals.
“Further, the board of directors of the company has approved the disinvestment of 73,861,873 ordinary shares (15.40%) having a par value of Rs10 each in Pace Barka Properties Limited, an associated Company, to First Capital Securities Corporation Limited or any other prospective buyer in the market at a fair value to be determined in accordance with law, and on such terms and conditions as may be in the best interest of the company,” read the notice.
The divestment is subject to necessary shareholders and corporate approvals.
Pace (Pakistan) Limited (PACE) is a public limited company incorporated in Pakistan, which began its operations in 1995. It is engaged in building, acquiring, managing, and selling various types of properties including departmental stores, condominiums, supermarkets, shopping plazas, housing societies, utility stores, and plots. The company also conducts commercial, industrial, and other related activities both within and outside Pakistan.
Last year, PACE approved plans to purchase a plot in Dubai, UAE, for the development of a commercial project, marking the company’s expansion into the international real estate market.
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