Pace Pakistan moves to convert over Rs1bn debt into equity

MG News | August 29, 2025 at 09:26 AM GMT+05:00

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August 29, 2025 (MLN): Pace (Pakistan) Limited (PSX: PACE) is planning to convert over Rs1.08 billion in outstanding Term Finance Certificates (TFCs) into equity, according to a material notice submitted to the Pakistan Stock Exchange (PSX).

The company’s Board of Directors approved the conversion of liabilities, comprising principal and markup, into 120.27 million ordinary shares at Rs9 per share, representing a 10% discount to par value.

The transaction will be executed “otherwise than by right” and “against a consideration other than cash,” pending regulatory and shareholder approvals.

To accommodate the new shares and future growth, Pace also resolved to increase its authorized capital threefold, from Rs6 billion to Rs18 billion, by amending its Memorandum and Articles of Association.

Company Secretary Sajjad Ahmad confirmed that the CEO or any director has been authorized to finalize negotiations with TFC holders and complete all legal formalities, including convening an extraordinary general meeting.

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