Pace Pakistan Limited to Sell Key Assets in Major Restructuring Plan

Pace (Pakistan) Limited has announced a sweeping restructuring plan that includes asset disinvestments, major equity issuances, and the acquisition of a media business, according to a stock filing at the Pakistan Stock Exchange (PSX) today. In a board meeting held earlier today, the company approved the following key decisions, subject to legal and regulatory approvals: The board authorized the CEO or a director to sell up to 9.16 million ordinary shares (56.79 percent stake) in Pace Super Mall (Pvt.) Ltd. to First Capital Securities Corporation Limited, for a cash price not less than the shares’ fair value. A sale of up to 250,617 shares (52.21 percent stake) in Pace Barka Properties Ltd. to First Capital Securities Corporation Limited, Media Times Ltd., and Evergreen Water Valley (Pvt.) Ltd. was also approved, again at no less than fair value. The board approved issuing 122.4 million new ordinary shares (par value Rs. 10) at Rs. 9 per share (10 percent discount) to convert outstanding Term Finance Certificate (TFC) liabilities into equity. Negotiations with Financial Institutions: The board authorized management to finalize a deal to issue 14.5 million shares for converting additional outstanding financial liabilities, also at Rs. 9 per share. Pace will issue 118.89 million shares (at Rs. 9 per share) against the acquisition of immovable properties. The company has also approved plans to acquire the print and social media businesses of Media Times Ltd. to expand into media operations. An Extraordinary General Meeting (EGM) is scheduled for July 31, 2025, to seek shareholder approval for the above actions. The company also announced that share transfer books will remain closed from July 25 to July 31, 2025, with transfers received by July 24 to be considered in time.