Pace (Pakistan) Limited has announced a major restructuring move, converting Rs1.08 billion of outstanding Term Finance Certificates (TFCs) into 120,266,424 ordinary shares of the company, according to a filing at the Pakistan Stock Exchange (PSX) on Friday.
The move, approved by the board on August 28, 2025, will be executed at Rs9 per share and is subject to necessary corporate and regulatory approvals.
“Board of Directors of Pace (Pakistan) Limited approved the following through resolutions by circulation dated August 28, 2025: Authorization of CEO / any one of the Directors to finalize negotiations with TFC Holders for conversion of outstanding liability of Term Finance Certificates of Rs. 1,082,397,812/- (principal plus mark-up) into 120,266,424 numbers of ordinary shares of the Company, having a par value of Rs. 10.00 each by way of otherwise than right and against a consideration of other than cash, at a price of 9.00 per share at 10.00%, subject to necessary corporate and regulatory approvals,” read the notice sent to the PSX.
The board also approved a tripling of the company’s authorized capital, increasing it from Rs6 billion to Rs18 billion, divided into 1.8 billion shares of Rs10 each. Amendments to the Memorandum and Articles of Association will be made accordingly.
Pace’s management has authorized the CEO, any one director, or the company secretary to complete all legal and corporate formalities for the conversion, including obtaining shareholder approval at an extraordinary general meeting and deciding the closure of the members’ register.
