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AKD Securities, the manager of the offer, informed the main stock exchange on Monday that Greentree Holdings Limited had submitted a Public Announcement of Intention to acquire up to 35% of the issued and paid-up share capital, as well as control, of TRG Pakistan Limited (PSX: TRG).
Details of the Public Announcement
According to the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, the manager, AKD Securities Limited, was appointed as Manager to the Offer by Greentree Holdings Limited (the “Acquirer”), as stated in a statement.
It said, “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.”
Acquisition Plans
The Acquirer plans to obtain the Target Company by making a public offer for half of the free float shares, which is equivalent to 35% of the total outstanding shares. Upon completion of the acquisition, the Acquirer plans to gain control of TRG Pakistan and have 64.7% of the shares.
One of The Resource Group International Limited’s wholly owned subsidiaries is Greentree Holdings Limited. No one directly or indirectly owns more than 25 percent of the total shares/voting rights in Greentree Holdings Limited, so there is no ultimate beneficial owner. The buyer currently owns 29,71% of TRG Pakistan Limited’s shares, or 162,010,00636.
