The Islamabad High Court (IHC) has dismissed a writ petition challenging the public tender offer by Greentree Holdings Limited (GHL), clearing the way for the offer to resume with a revised timeline, according to a filing by TRG Pakistan at the Pakistan Stock Exchange (PSX) on Thursday.
The acceptance period for shareholders will now run from March 25 to April 4, 2025.
The petition was filed by Abid Hussain, a director of TRG Pakistan and CEO of Sign Source Limited (SSL), along with SSL and shareholders linked to the JS Group. It sought to prevent GHL from acquiring shares under its public announcement of offer dated January 15, 2025, and to restrain TRG Pakistan from facilitating any related transactions.
Following an ex-parte hearing, the IHC had issued a stay order on February 27, 2025, temporarily barring GHL and AKD Securities Limited (AKDSL), the manager to the offer, from purchasing shares until further review.
However, after hearing arguments from all parties on March 12, the court ruled the petition as not maintainable and vacated the stay order in its final decision issued on March 18, 2025.
With the legal proceedings concluded, AKDSL has notified the PSX that the public offer has resumed as per its original terms, with adjustments for delays caused by legal matters and public holidays. Shareholders can now submit their acceptances between 9:00 AM and 5:00 PM from March 25 to April 4, 2025.
