Islamabad, Dec 23: Greentree Holdings Limited has announced its intention to acquire up to 35 percent of the issued and paid-up share capital of TRG Pakistan Limited (PSX: TRG), as well as control of the company. The announcement was made through a Public Announcement of Intention filed with the stock exchange on Monday, with AKD Securities acting as the manager of the offer.
According to the filing, AKD Securities, appointed by Greentree Holdings as the Manager to the Offer, confirmed that the acquisition is subject to receiving any necessary regulatory approvals. The offer involves acquiring 50 percent of TRG’s free float shares, which constitutes 35 percent of the total outstanding shares. If successful, Greentree Holdings plans to increase its stake to 64.7 percent and gain control of TRG Pakistan.
Greentree Holdings is a fully owned subsidiary of The Resource Group International Limited, and it does not have any ultimate beneficial owner, as no individual directly or indirectly holds more than 25 percent of its shares or voting rights. Greentree currently holds 162,010,636 shares, representing 29.71 percent of TRG Pakistan’s total shares.
