Karachi February 27 2025: Honorable Islamabad High Court has restrained Greentree Holding and AKD Securities form shares of TRG Pakistan till March 12, 2025, according to company filing to the exchange.
TRG Pakistan Limited has received a copy of a certified order regarding the filing of a writ petition by (i) Abid Hussain, Director of the Company and CEO of Sign Source Limited (SSL), and (ii) SSL, against the Securities and Exchange Commission of Pakistan (SECP), Competition Commission of Pakistan (CCP), the Company, The Resource Group International Limited (TRGI), 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.”
The IHC was pleased to pass an ad-interim order, dated February 26, 2025, 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.
In another development, the IHC has suspended, until the next date of hearing on March 7, 2025, the order of the Civil Judge 1st Class, dated February 11, 2025, that had restrained the Company in respect of its board elections.
On January 15th 2025, AKD Securities Limited on behalf of the Acquirer has submitted a public announcement of offer to acquire up to 35.147% shareholding and control of TRG Pakistan Limited in accordance with the provisions of the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares & Takeovers) Regulations, 2017.
The price of acquisition of shares from public was set at PKR 75 per share, and acquirer intent to invest $52 million in Pakistan through this transaction.
