Pace Approves Rs. 1.5 Billion Investment, Plans Stake Sale
Pace (Pakistan) Limited (PSX: PACE) has approved an equity investment of up to Rs. 1.5 billion in Ever Green Water … Read More The post Pace Approves Rs. 1.5 Billion Investment, Plans Stake Sale appeared first on ProPakistani .
Pace (Pakistan) Limited has greenlit a potential Rs. 1.5 billion equity investment into Ever Green Water Valley (Pvt.) Ltd., a linked company, according to a notice filed with the Pakistan Stock Exchange. The investment is subject to Pace's Board of Directors deciding on the terms and conditions, along with the necessary shareholder and corporate endorsements.
Meanwhile, Pace's Board has also decided to sell 73,861,873 ordinary shares, which account for a 15.40 percent stake with a face value of Rs. 10 each, in Pace Barka Properties Limited, another associated company. These shares will be offered for sale to First Capital Securities Corporation Limited or any other interested buyer in the market at a price determined in compliance with relevant laws and terms deemed favorable to Pace. Both the investment and divestment are pending the required shareholder and corporate approvals.
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