Greentree Holdings Limited has announced its intention to acquire up to 35.145% of the issued and paid-up share capital and control of TRG Pakistan Limited.
According to a filing at the Pakistan Stock Exchange (PSX) on Monday, AKD Securities Limited, acting as the Manager to the Offer, submitted the Public Announcement of Intention under the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Regulations, 2017.
“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,” read the notice submitted to the PSX.
The intended acquisition by the acquirer is through a public offer of 50% of free float shares (35% of the total outstanding shares) in TRG Pakistan.
Post-acquisition, the acquirer intends to acquire 64.7% shareholding and control in TRG Pakistan.
The Public Announcement of Intention, according to AKD Securities, will be published on December 26, 2024, in newspapers. The acquisition remains subject to regulatory approvals.
Greentree Holdings Limited was incorporated as an exempt company in Bermuda on August 13, 2020. It is a wholly-owned subsidiary of a Bermuda incorporated company, The Resource Group International Limited, which is an investment holding company.
