Pace Pakistan (Urdu: پیس خریداری مرکز, Pace Khareedari Markaz) is a Pakistani shopping malls operator based in Lahore, Punjab, Pakistan.[2][3]
 | |
Native name | پیس خریداری مرکز |
|---|---|
| Company type | Public |
| PSX: PACE | |
| Founded | 1992 |
| Founder | Salman Taseer |
| Headquarters | Lahore, Punjab, Pakistan |
| Revenue |  Rs. 241.809 million (US$840,000) (2023) |
| Rs. −85.135 million (US$−290,000) (2023) | |
| Rs. −1.677 billion (US$−5.8 million) (2023) | |
| Total assets | Rs. 6.872 billion (US$24 million) (2023) |
| Total equity | Rs. −1.677 billion (US$−5.8 million) (2023) |
| Website | pacepakistan |
| Footnotes / references Financials as of 30 June 2023[update] [1] | |
History
editPace Pakistan was founded in 1992 by Salman Taseer as part of First Capital Group.[4]
In 1995, Pace opened their first shopping mall in Gulberg, Lahore.[4]
In 2005, Pace expanded its operations and Pace Model Town Link Road was inaugurated.[4] Two years later, in 2007, another shopping mall was opened on M.M. Alam Road, Lahore and the company was listed on the Karachi Stock Exchange.[4]
Pace Woodlands Pvt. Limited, Pace Supermall Pvt. Limited and Pace shopping malls (Lahore, Gujranwala and Gujrat) are Pace's subsidiaries and associated companies. Pace Woodlands Housing Scheme, Bedian Road, Lahore, Pace Circle, Peacock Valley Hotel and Resort and Pace Tower, T-27 are also projects of pace Pakistan. Pace Woodlands is a private limited company and a subsidiary of Pace with 52% shareholding. The rest shares are held by Pace Barka properties limited, one of the associated companies. Pace Supermall is another private limited company, and a subsidiary of Pace with its 69% shareholding. Pace Supermall involved in acquiring by purchase or otherwise land and plots and to sell or construct.
The Mall Cathces had burned down several times over the past ten years. Finally, on March 14, 2022, it erupted in flames and turned to ashes once more.[5] According to the authorities, this time the fire was caused by management negligence and a lack of fire safety systems.
From 14 March 2022 the mall is closed and declared not safe.
References
edit- ^ "Pace Pakistan Annual Report 2023". Retrieved 13 September 2024.
- ^ Yasir Habib (15 March 2011). "Pace Shopping Mall oozes with building bylaws violations". Pakistan Today (newspaper). Retrieved 4 February 2018.
- ^ Shahram Haq (19 May 2013). "In Punjab, new shopping malls influence business trends". The Express Tribune (newspaper). Retrieved 4 February 2018.
- ^ a b c d "Mall operator Pace, once a market leader, struggling to survive". Profit by Pakistan Today. 17 October 2020.
- ^ Lahore: Pace Plaza Catches Fire - BBC URDU, retrieved 20 February 2023
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