Pace Pakistan Limited’s (PPL) is undertaking two residential and commercial projects in the twin cities of Islamabad and Rawalpindi by acquiring 51pc shareholding into two joint venture projects through a Special Purpose Vehicle (SPV). Secretary Sajjad Ahmed informed PSX of the acquisition decision approved in the recent board of directors’ meeting held on Monday, Feb 27, 2017 which are subject to necessary legal and corporate formalities.
The acquisition price of 51pc shareholding of the proposed SPV will be vetted by two independent chartered accountant firms, resulting in an incremental increase of PKR 5.5 per share for the upcoming years, spanning 5 to 6 the notice read.
Pace Supermall (Pvt.) Limited, a subsidiary of the company has also submitted the required architectural drawings for its commercial project with the Lahore Cantonment Board, awaiting an approval from the relevant authorities. PACE is part of a larger conglomerate, the First Capital Group, which owns and operates a number of businesses in the financial services, real estate development, media and telecom sectors in Pakistan as well as abroad.
