Pace (Pakistan) approves Rs1.5bn investment in Ever Green Water Valley

The board of Pace (Pakistan) Limited has approved an equity investment of up to Rs1.5 billion in Ever Green Water Valley (Pvt.) Ltd., an associated company, and the divestment of its 15.4 per cent holding in Pace Barka Properties Limited, according to a notice the listed company filed with the Pakistan Stock Exchange on Friday. Both transactions remain subject to necessary shareholders and corporate approvals.

In the notice, the company said the equity investment of up to Rs1,500.00 million would be made "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.

The divestment covers 73,861,873 ordinary shares in Pace Barka Properties Limited, each with a par value of Rs10, representing a 15.40 per cent stake. The buyer would be 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 terms the board considers to be in the company's best interest, the notice said.

Pace (Pakistan) Limited is a public limited company incorporated in Pakistan that began operations in 1995 and forms part of First Capital Group. It builds, acquires, manages and sells property including departmental stores, condominiums, supermarkets, shopping plazas, housing societies, utility stores and plots, and also carries out commercial and industrial activities within and outside Pakistan. Last year the company approved plans to purchase a plot in Dubai, UAE, for the development of a commercial project, marking its expansion into the international real estate market.