PACE to invest Rs1.5bn in Ever Green Water Valley

Pace (Pakistan) Limited, part of First Capital Group, told the Pakistan Stock Exchange on Friday that its board has cleared up to Rs1.5 billion for an investment in Ever Green Water Valley (Pvt.) Ltd, an associated firm. According to Business Recorder, the same board also agreed to exit a 15.4 per cent holding in Pace Barka Properties Limited.

The stake being sold comprises 73,861,873 ordinary shares, each carrying a face value of Rs10. The buyer could be First Capital Securities Corporation Limited or another party in the market, with the price set at fair value under the law and in line with the company's best interests. Both transactions depend on approval from shareholders and other corporate bodies.

The listed firm began operations in 1995 and builds, acquires, manages and sells properties such as shopping plazas, housing societies and plots. Last year it approved buying a plot in Dubai for a commercial project, a step into international real estate.