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

Greentree Holdings on Monday shared its public announcement 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.

The announcement was shared by AKD Securities, appointed manager to the offer, in a notice to the Pakistan Stock Exchange.

This appears to be a continuation of the purchases of shares by Greentree Holdings that took place in 2021 & 2022, pursuant to which Greentree had purchased nearly 30% of the shares of TRG Pakistan. Through these purchases, nearly $100 million in US dollar foreign exchange was remitted to Pakistani shareholders.

TRG Pakistan announces completion of Afiniti’s recapitalisation

As Greentree’s holding approaches the 30% level, any subsequent purchases can only take place by way of a tender offer, in line with Pakistani securities law.

As a reminder, Greentree Holdings is the international holding company that manages the proceeds of the monetization of the operating assets of TRG.

Through this purchase of shares, the proceeds of these monetizations are being remitted to Pakistani shareholders.

According to a market analyst, the Greentree purchases offer equal liquidity opportunity to every shareholder, and each shareholder has the flexibility to decide whether to sell shares and benefit from the liquidity or to continue to hold shares in order to have greater economic exposure to TRG assets.

⁠It was learnt that the continuation of these purchases by way of a tender appear to be from the proceeds of the partial sale of its shares in IBEX Limited by TRG, that was announced last month. A redemption of 35% of TRG Pakistan’s shares corresponds to a further remittance to Pakistan of over $40 million at current market price.

TRG Pakistan says indirect portfolio company Afiniti has agreed ‘comprehensive restructuring plan’

The earlier 2022 purchases corresponded to the proceeds from the monetization of its eTelequote asset.

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.