First Capital Securities to sell 78.86% stake in asset management arm, invest up to Rs500 million in Pace

First Capital Securities Corporation Limited (FCSC) has approved the sale of 78.86% of its shareholding in First Capital Investments Limited (FCIL), an asset management company, according to a disclosure to the Pakistan Stock Exchange (PSX) on Monday.

The board authorised the disposal of 16,561,634 shares in FCIL to a prospective buyer in the market, subject to terms and conditions to be finalised by the board. The company also approved disinvestment in its defunct subsidiaries, First Construction Limited and Falcon Commodities (Pvt.) Limited, subject to necessary corporate approvals.

In a separate decision, the board approved an additional equity investment of up to Rs500 million in Pace (Pakistan) Limited, an associated company, through acquisitions from the open market.

The chief executive officer has been authorised to convene an Extraordinary General Meeting of shareholders and determine the book closure dates in connection with these decisions.

First Capital Securities Corporation was incorporated on April 11, 1994, as a public limited company under the repealed Companies Ordinance, 1984 (Now Companies Act 2017) and is listed on the PSX. The company is involved in making long and short-term investments, money market operations and financial consultancy services.