Pace approves up to Rs1.5 billion investment in Ever Green Water Valley

Pace (Pakistan) Limited's board has cleared a plan to invest up to Rs1.5 billion in Ever Green Water Valley (Private) Limited, an associated company. The commitment depends on approval from shareholders and other required corporate bodies. The company informed the Pakistan Stock Exchange of the decision through a material information notice filed on Friday.

Under the notice, the board will fix the investment terms in line with the Companies Act, 2017. The board has also agreed to sell 73.86 million ordinary shares that Pace holds in another associate, Pace Barka Properties Limited. Those shares equal a 15.40% stake and carry a face value of Rs10 each.

The sale could go to First Capital Securities Corporation Limited or to another buyer found in the market, at a fair value fixed under the law. Pace said the deal would be structured in the way it judges best for the company, and it still needs shareholder and corporate approval. The decisions were disclosed under Sections 96 and 131 of the Securities Act, 2015, and Regulation 5.6.1 of the PSX Rule Book.