PACE to invest Rs1.5bn in Ever Green Water Valley
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…
Pakistan's Pace Limited (PACE) has approved an equity investment of up to Rs1.5 billion in its associated company, Ever Green Water Valley (Pvt.) Ltd, according to a notice filed with the Pakistan Stock Exchange (PSX) on Friday. This move is in line with the Companies Act, 2017, and subject to shareholder and corporate approvals.
Additionally, PACE has decided to divest its 15.4% stake in Pace Barka Properties Limited, selling 73,861,873 ordinary shares with a par value of Rs10 each. The shares will be sold to First Capital Securities Corporation Limited or another prospective buyer in the market at a fair value determined in accordance with the law, also subject to necessary approvals.
Pace (Pakistan) Limited, a publicly traded company established in 1995, is involved in the development, acquisition, management, and sale of various property types, including departmental stores, condominiums, supermarkets, and plots, with operations both domestically and internationally. In the past year, the company announced plans for a new venture to purchase a plot in Dubai, UAE, for a commercial project, expanding its presence in the global real estate market.
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