Karachi May 6 2022: A portion of the proceeds raised through sale of e-TeleQuote business are being used by TRGIL to purchase shares of TRG Pakistan from the stock market to provide value, benefit and liquidity to shareholders of the Company.
This purchase is being done through Greentree Holdings Limited, a wholly-owned subsidiary of TRGIL. As of March 31, 2022, Greentree had acquired a total of 64.9 million shares, representing 11.91% of the total shares of the Company.
Earlier, TRGIL successfully completed the sale of its e-TeleQuote business in July 2021. Subsequently, our associate, The Resource Group International Limited (TRGIL), allocated assets, both liquid and non-liquid, to the Company which have a value of Rs.45 billion as of March 31, 2022. The total amount invested in TRGIL by the Company was Rs 3.6 billion, which makes this an extremely profitable venture. We expect the value of the Company’s investment in TRGIL to continue to grow in the future.
TRG Pakistan Limited was incorporated in Pakistan as a public limited company on December 2, 2002 under the repealed Companies Ordinance, 1984. On May 14, 2003 the Company obtained a license from the Securities and Exchange Commission of Pakistan (“SECP”) to undertake venture capital investment as a Non-Banking Finance Company in accordance with the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (NBFC Rules). The principal activity of the Company, through its associate, The Resource Group International Limited (TRGIL) is to invest in a portfolio of investments primarily in the Technology, IT enabled services and medicare insurance sectors.
