TRG confirms shares acquired by JS Bank came from Zia Chishti’s account

TRG Pakistan Limited has confirmed that the 81.36 million shares recently acquired by JS Bank Limited through the enforcement of security originated from the account of former key shareholder Zia Chishti, reducing his stake in the company to 1.2%.

In a notification submitted to the Pakistan Stock Exchange (PSX) on Monday, TRG said it had received a disclosure under Section 109(2) of the Securities Act, 2015, confirming that JS Bank acquired 81,358,289 shares, representing 14.92% of the company's outstanding share capital, on May 21, 2026 through the enforcement of pledged security.

The disclosure adds a new dimension to a transaction first reported on May 29, when JS Bank disclosed that it had acquired the shares at a price of ₨62.92 per share through an enforcement of a security arrangement. At that price, the transaction carries an estimated value of approximately ₨5.12 billion.

Read This: JS Bank acquires 14.92% stake in TRG Pakistan, raises holding to 29.33%

According to TRG, its associate, The Resource Group International Limited (TRGI), informed the company that during an enforcement court proceeding against Zia Chishti in the United States last week, Chishti confirmed under oath that the shares acquired by JS Bank had been pledged by him as collateral against a loan facility and were seized following a call on that security.

TRGI further stated that it reserves all rights concerning the legality of the transfer, citing an arbitration ruling issued in its favour in the United States in early 2025.

TRG also disclosed that it has not yet received a disclosure from Chishti regarding the transaction as required under applicable laws.

Following the transfer, Chishti's shareholding in TRG Pakistan has fallen to 6,557,500 shares, representing approximately 1.2% of the company's outstanding shares.

The transaction has significantly increased the JS Group's influence in TRG Pakistan. Prior to the acquisition, JS Bank and persons acting in concert held 78,622,164 shares, equivalent to 14.41% of the company.

Following the enforcement action, JS Bank and other members of the JS Group now collectively hold 159,980,453 shares, representing approximately 29.33% of TRG Pakistan's total issued voting shares.

According to the earlier disclosure, persons acting in concert include Jahangir Siddiqui & Co. Ltd., JS Infocom Limited, Energy Infrastructure Holding (Private) Limited, JS Bank Limited Gratuity Fund, JS Global Capital Limited, Suleman Lalani and Asad Nasir.

The increase in ownership places the JS Group among the largest shareholders of TRG Pakistan and marks a significant shift in the company's ownership structure and shareholder voting dynamics.