In a notification to the PSX, Pace Pakistan Ltd has announced that they have sought removal of the order issued by Pakistan Stock Exchange (PSX) on 11th January for suspension of trading in shares of the company on the stock market.
The notification stated that,
It is envisaged that the Company will settle its liabilities towards Askari Bank Limited before 31 January 2018, which will enable the Bank to withdraw all litigation cases including winding up petition.
Pace Pakistan, in its filed reply, said Askari Bank had issued an offer letter to the company for settling its liabilities before the 31st of January 2018.
The company has requested PSX to immediately restore trading of shares in the interest of market, general public and investors, It added:
It is requested that suspension of trading of shares of the Company is neither in the interest of an orderly market nor in the public interest.
Pace (Pakistan) Limited is a real estate development company. It focuses on building, acquiring, managing and selling condominiums, departmental stores, shopping plazas, supermarkets, utility stores, housing societies and carrying out commercial, industrial and other related activities in and out of Pakistan.