Lahore: In a significant development, the shareholders of Pace (Pakistan) Limited convened for their 35th Annual General Meeting on October 28, 2026, to deliberate on a series of resolutions crucial to the company's financial and operational strategies for the coming year.
During the ordinary business proceedings, shareholders confirmed the minutes of the Extraordinary General Meeting held on July 27, 2026. Additionally, they received and adopted the audited financial statements for the fiscal year ending June 30, 2026. This included the Chairman's Review, Directors' Report, and Auditors' Reports. Furthermore, M/s Junaidy Shoaib Asad, Chartered Accountants, were appointed as the new auditors for the company, with their remuneration to be negotiated by the company's Chief Executive.
The meeting also addressed special business matters. A notable resolution was passed to authorize the Chief Executive or any director of Pace (Pakistan) Limited to make equity investments up to 1.50 billion rupees in Ever Green Water Valley (Pvt.) Limited, an associated company. This investment aims to align with the provisions of section 199 of the Companies Act, 2017.
In another strategic move, the shareholders approved the disinvestment of 73,861,873 ordinary shares, equating to 15.40%, in Pace Barka Properties Limited. These shares are to be sold to First Capital Securities Corporation Limited or any other prospective market buyer, contingent upon terms approved by the Board of Directors.
The meeting also saw the ratification and approval of related party transactions conducted during the year ending June 30, 2026. Additionally, the Chief Executive was authorized to oversee and execute related transactions throughout the financial year ending June 30, 2027.
According to information available from the Pakistan Stock Exchange (PSX), these strategic decisions by Pace (Pakistan) Limited come as part of the company's broader market strategy in the designated market category, aiming to enhance shareholder value and operational efficiency.
These resolutions reflect Pace (Pakistan) Limited's commitment to strategic growth and prudent financial management, with the approved measures set to shape the company's trajectory in the upcoming fiscal year.