Islamabad, Nov 20: IBEX Limited Buys Back Over 3.5 Million Shares from TRG Associate Company in Strategic Move
TRG Pakistan Limited (PSX: TRG) has disclosed that its affiliate, The Resource Group International Limited (TRGI), has finalized an agreement with its portfolio company, IBEX Limited (Nasdaq: IBEX), under which IBEX has repurchased around 3.56 million IBEX shares from TRGI.
The total value of the transaction is $70 million, made up of $45 million in cash and $25 million in seller financing.
The purchase price of $19.65 per share is based on the last closing price before the deal announcement and the five-day volume-weighted average trading price of IBEX shares on the Nasdaq Global Market at the time of the agreement.
As a result of the repurchase, TRGI will retain ownership of 1.8 million common shares of IBEX. The shareholder agreement between TRGI and IB, which was signed in November 2017, will remain in effect. Furthermore, will have the option to buy back the remaining shares from TRGI within four years, subject to specific conditions.
Houlihan Lokey acted as the financial advisor for TRGI during this transaction.
TRG, through its subsidiary TRGIL, primarily focuses on investments in technology, IT-enabled services, and medicare insurance sectors.
