Karachi March 21 2025: AKD Securities, as Manger to the Offer, has disclosed to the PSX that it has resumed the Public Offer to purchase TRG Pakistan shares on behalf of Greentree Holdings Limited as per the terms previously set out but with revised timelines.
The revised timelines, adjusted for the delay due to legal matters as well as public holidays, which are detailed in AKDSL letter released on PSX yesterday (the “AKDSL Letter”). Specifically, the Company has been informed that the acceptance period of the Offer has been revised to begin on March 25, 2025 and end on April 4, 2025, 9:00 AM to 5:00 PM. For further details, shareholders may refer to the AKDSL Letter.
TRG Pakistan Limited (the “Company”) would like to refer to the writ petition (the “Writ Petition”) filed by (i) Abid Hussain, Director of the Company and CEO of Sign Source Limited (“SSL”), and (ii) SSL, and joined by two Directors and several shareholders of the Company associated with the JS Group, against the Securities and Exchange Commission of Pakistan (“SECP”), Competition Commission of Pakistan (“CCP”), the Company, The Resource Group International Limited (“TRGI”), Greentree Holdings Limited (“GHL”) and AKD Securities Limited (“AKDSL”) before the Honourable Islamabad High Court (“IHC”) seeking inter alia, to “restrain Greentree from acquiring any shares in furtherance of the Public Announcement of Offer [by GHL] dated 15th January 2025 and restrain TRGP from giving effect any acquisition made under the same.”
As reported by the Company on February 27, 2025, the IHC had passed an ad-interim order, after an ex-parté hearing, restraining GHL and AKDSL “from purchasing shares of [the Company] in pursuance of the impugned Public Announcement of Offer” until the next date of hearing on March 12, 2025 (the “Stay Order”).
After an extensive hearing on March 12th during which all parties presented their arguments, the Honourable IHC was pleased to issue a final order dated March 18, 2025 a certified copy of which was received by the Company today (the “Final Order”). The Final Order has dismissed the Writ Petition as not being maintainable, thereby also vacating the Stay Order.
