TRG Pakistan Limited has announced that its associate, The Resource Group International Limited (TRGI), has finalised a definitive agreement with IBEX Limited, its portfolio company listed on Nasdaq.
As part of the agreement, IBEX has repurchased approximately 3.56 million of its shares from TRGI for a total transaction value of $70 million.
TRG Pakistan Limited informed the Pakistan Stock Exchange (PSX) through a notice on Wednesday in accordance with Sections 96 of the Securities Act, 2015 and Clause 5.6.1(a) of the Rule Book of the PSX.
The financial advisory for the transaction was handled by Houlihan Lokey.
The total transaction consideration is $70 million consisting of $45 million in cash and $25 million in seller financing.
The purchase price was $19.65 per share, which represents the last closing price before the deal was announced, as well as the five-day volume-weighted average trading price for IBEX common shares on the Nasdaq Global Market as of the signing of this transaction.
Following this repurchase, TRGI will retain ownership of 1.8 million common shares of IBEX, with TRGI’s shareholder agreement with IBEX dated November 2017 remaining in effect.
Additionally, IBEX will have the right to repurchase the remaining shares owned by TRGI within four years, if certain conditions are met.
