Pace (Pakistan) Limited (PSX: PACE) has approved an equity investment of up to Rs. 1.5 billion in Ever Green Water Valley (Pvt.) Ltd., an associated company.

The approval was disclosed to the Pakistan Stock Exchange (PSX) under the Companies Act, 2017. The investment will be made subject to terms set by Pace’s Board of Directors and the required shareholder and corporate approvals.

At the same time, Pace’s Board has approved the sale of 73,861,873 ordinary shares in Pace Barka Properties Limited, representing a 15.40 percent stake in the associated company.

The shares, which have a par value of Rs. 10 each, will be sold to First Capital Securities Corporation Limited or another prospective buyer in the market.

The transaction will be carried out at a fair value determined in line with applicable laws and on terms considered to be in Pace’s best interest.

Both the proposed investment and divestment are subject to the required shareholder and corporate approvals.