Pace Approves Rs. 1.5 Billion Investment, Plans Stake Sale

Pace (Pakistan) Limited (PSX: PACE) has approved an equity investment of up to Rs.

Key points

• Separately, Pace's Board has approved the divestment of 73, 861, 873 ordinary shares, representing a 15.40 percent stake with a par value of Rs.
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• Both the investment and divestment remain subject to the necessary shareholder and corporate approvals.

Pace (Pakistan) Limited (PSX: PACE) has approved an equity investment of up to Rs. 1.5 billion in Ever Green Water Valley (Pvt.) Ltd., an associated firm, according to a material disclosure submitted to the Pakistan Stock Exchange (PSX).

For context, the investment was approved under the Firms Act, 2017 and will be produced subject to terms and conditions to be determined by Pace's Board of Directors, along with the required shareholder and corporate approvals.

Separately, Pace's Board has approved the divestment of 73, 861, 873 ordinary shares, representing a 15.40 percent stake with a par value of Rs. 10 per share, in Pace Barka Properties Limited, another associated firm. NAB Chairman Discovers Something Massive.

In practice, the shares will be sold to First Capital Securities Corporation Limited or any other prospective buyer in the market at a fair value to be determined in accordance with applicable law and on terms considered to be in the company's best interest.

Both the investment and divestment remain subject to the necessary shareholder and corporate approvals. Stay Connected with ProPakistani.

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Taken together, the developments around pace Approves Rs. 1.5 Billion Investment, Plans Stake Sale point to a situation that is still moving, and the coming days should bring more clarity.