Pace (Pakistan) Limited has announced that its board of directors has approved a major restructuring plan, including the conversion of over Rs. 1.08 billion in outstanding liabilities into company shares and a threefold increase in authorized capital.
In a notice to the Pakistan Stock Exchange (PSX), the company said the board, through a resolution dated August 28, 2025, authorized the chief executive officer (CEO) and directors to finalize negotiations with Term Finance Certificate (TFC) holders.
Under the plan, liabilities worth Rs. 1,082,397,812 (principal plus markup) will be converted into 120,266,424 ordinary shares of the company at a par value of Rs. 10 each, priced at Rs. 9 per share.
The conversion will be carried out against consideration other than cash, subject to corporate and regulatory approvals.
The board also approved increasing the company’s authorized capital from Rs. 6 billion, divided into 600 million ordinary shares of Rs. 10 each, to Rs. 18 billion, divided into 1.8 billion shares. The company said necessary amendments to its Memorandum and Articles of Association will be made accordingly.
Additionally, the CEO, directors, and company secretary have been authorized to complete all required corporate and legal formalities, including obtaining approvals from regulators.