Pace (Pakistan) Limited has announced plans to expand internationally with the purchase of a plot in Dubai, United Arab Emirates (UAE), for a new commercial development project.
The company’s board of directors also approved the formation of a wholly owned subsidiary in Dubai to execute the plan, according to a notice submitted to the Pakistan Stock Exchange (PSX) on Tuesday.
In the filing, the company stated, “The purchase of a plot in Dubai, U.A.E for development of a Commercial Project. The management is actively looking for a development partner.” The move signals the company’s intent to establish a presence in the UAE’s property market.
The notice further added that the board “approved incorporation of a Subsidiary of the Company in Dubai, U.A.E.” to manage the project’s development and related operations.
According to the filing, the board has authorized the Chief Executive Officer to take necessary steps and complete all formalities for the execution of the business plan. “The Chief Executive may further delegate her powers as may she deems appropriate,” the company stated.
Last Friday, Pace (Pakistan) announced the sale of its entire 56.79% shareholding in Pace Super Mall (Private) Limited, comprising 9,161,528 fully paid ordinary shares of Rs 10 each, to First Capital Securities Corporation Limited for a total consideration of Rs. 452.854 million.
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