Greentree Holdings offers to acquire 35% stake in TRG Pakistan for Rs14.4bn

Greentree Holdings Limited announced a public offer to acquire up to 35.147% shareholding in TRG Pakistan Limited, representing 191,690,015 ordinary shares for Rs14.4 billion.

Greentree is launching the offer at a price of Rs75, which represents a premium of 14% to the last closing price of TRG Pakistan, and a 25% premium to the statutory minimum price.

The development was shared by AKD Securities Limited, appointed as the Manager to the Offer, in a notice to the Pakistan Stock Exchange (PSX).

“On behalf of Greentree Holdings Limited, AKD Securities Limited as the Manager to the Offer, is submitting herewith a copy of Public Announcement of Offer to acquire upto 191,690,015 ordinary shares of TRG Pakistan Limited constituting 35.147% shareholding interest of the target, in accordance with the Securities Act, 2017 and the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Regulations, 2017,” read the statement.

Greentree Holdings looks to tender for 35% shares in TRG Pakistan

As per the public announcement, the acquirer, through this public offer, plans to invest up to $52 million in Pakistan through this offer, which will provide additional liquidity to shareholders of TRG Pakistan.

“TRG Pakistan Limited will continue to operate as a listed company after the proposed acquisition and will continue its business operations and investments in the ordinary course,” stated the announcement.

Greentree Holdings Limited already has 162,010,636 shares or 30% stake in TRG Pakistan Limited. These shares were purchased through open market acquisition over three years, between December 2021 and December 2024.

Assuming full takeup of the tender, the shareholding of Greentree Holdings would increase to 65% of TRG Pakistan.

TRG Pakistan announces completion of Afiniti’s recapitalisation

A leading market analyst commented that the tender appears to be competitively priced with a significant premium, and also represents a 12-month high in terms of share price.

The analyst expects a robust takeup of the tender.

Greentree Holdings Limited was incorporated as an exempt company in Bermuda in August 2020. It is a wholly owned subsidiary of a Bermuda-incorporated company, The Resource Group International Limited, which is an investment holding company.