PACE to invest Rs500mn as advances in Pace Baraka

By MG News | October 18, 2022 at 02:35 PM GMT+05:00

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October 18, 2022 (MLN): The board of directors of Pace Pakistan Limited (PACE) on Tuesday approved the equity investment of Rs500 million as advances in Pace Baraka Properties Limited, the company’s filings on the stock exchange showed on Tuesday.

“The benefits likely to accrue to the company shall include income on advances in the shape of markup”, it added.

Currently, Pace Barka is working on Pace Circle Project, a premium multiuse project near Alama Iqbal International Airport Lahore which comprises a 5-star proposed hotel, a world-class shopping mall, proposed serviced & Pace-managed apartments.

The total planned constructed area consists of around 1.67 million square feet.

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