Greentree Holdings Ltd Wants to Acquire 35% Stake in TRG Pakistan

Greentree Holdings Limited has submitted a Public Announcement of Intention to acquire up to 35 percent of the issued and paid-up share capital and control of TRG Pakistan Limited (PSX: TRG), manager to the offer AKD Securities informed the main bourse on Monday. “We, AKD Securities Limited have been appointed as Manager to the Offer by Greentree Holdings Limited (the “Acquirer”), in accordance with regulation 6(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Regulations, 2017,” the manager said in a statement. “On behalf of the Acquirer, we are pleased to submit a Public Announcement of Intention to acquire up to 35.145% of the issued and paid-up share capital and control of TRG Pakistan Limited (Target Company), subject to the receipt of regulatory approvals, if any,” it added. The intended acquisition by the Acquirer is through a public offer of 50 percent of free float shares (35 percent of the total outstanding shares) in the Target Company. Post-acquisition, the Acquirer intends to acquire 64.7 percent shareholding and control in TRG Pakistan. Greentree Holdings Limited is a wholly owned subsidiary of The Resource Group International Limited. It has no ultimate beneficial owner, as no individual directly or indirectly owns more than 25 percent of the outstanding shares/voting rights in Greentree Holdings Limited. The buyer already has 162, 010,636 shares representing 29.71 percent holding in TRG Pakistan Limited.