The Islamabad High Court (IHC) has issued an ad-interim order restraining Greentree Holdings Limited (GHL) and AKD Securities Limited (AKDSL) from acquiring shares of TRG Pakistan Limited, following a writ petition filed by Abid Hussain, Director of TRG Pakistan and CEO of Sign Source Limited (SSL), along with SSL itself.
TRG Pakistan disclosed this development through a notice to the Pakistan Stock Exchange (PSX) on Thursday.
The petition challenges the Public Announcement of Offer made by GHL on January 15, 2025, and seeks to prevent TRG Pakistan from implementing any acquisitions under the same offer.
According to TRG Pakistan, the IHC issued an ad-interim order on February 26, 2025, restraining Greentree Holdings and AKD Securities Limited from purchasing shares of TRG Pakistan in pursuance of the impugned Public Announcement of Offer, until the next date of hearing, scheduled for March 12, 2025.
In another legal development, the IHC has also suspended an earlier restraining order issued by a Civil Judge 1st Class on February 11, 2025, which had restricted TRG Pakistan’s board from making decisions. The suspension will remain in effect until the next court hearing on March 7, 2025.
TRG Pakistan has stated that it will continue to appear before the court through its legal counsel and will provide updates as the cases progress.
