TRG Pakistan tender offer deadline extended amid ongoing legal battle

Amid ongoing legal proceedings, the public acceptance period for PSX-listed Greentree Holdings’ tender offer for TRG Pakistan has been extended till April 25.

AKD Securities, acting as manager to the offer on behalf of Greentree Holdings, confirmed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“AKD Securities Limited acting as manager to the offer on behalf of the acquirer has been endorsed to further extend the close date of the acceptance period under the interim order issued on April 10, 2025,” read the notice.

AKD Securities said that as per the directives of the Sindh High Court as per the Court Order JCM No.12 of 2025, the acceptance period for the public acceptance period has been further extended to April 25, 2025.

“This has been done so that shareholders are not discouraged from participating in the tender offer by the ongoing court proceedings,” it added.

The delay in the tender offer by Bermuda-based Greentree Holdings TRG Pakistan has caused frustration among investors, with efforts to block the transaction — by former CEO Zia Chishti and a brokerage house—prolonging uncertainty around the process.

Explainer: What Greentree’s tender offer means for TRG Pakistan shareholders

Initially announced on January 15, 2025, at Rs75 per share—representing a 25% premium to its pre-tender price—the offer was stayed on February 26 by the Islamabad High Court in response to a petition filed by a small shareholder and later joined by the JS Group. However, the court dismissed the petition on March 19. The petitioners have since appealed the decision.

Following this, the tender was relaunched, but on the first day of the acceptance period, March 25, the Sindh High Court issued an ex-parté status quo order in response to a petition filed by Chishti. The order takes effect at the end of the acceptance period, effectively pausing the transaction.

Many shareholders have expressed concern that these legal challenges are preventing over 10,000 investors from realizing potential gains on their investments.

As Greentree Holdings is a foreign entity, the delay in completing the tender is also holding up approximately $50 million in foreign exchange inflows into Pakistan—an amount viewed as significant given the country’s ongoing economic challenges.

“These repeated lawsuits seem intended to prevent these funds from being brought into Pakistan,” said one TRG Pakistan shareholder.

According to one market analyst, the legal back-and-forth is linked to an ongoing contest for control of TRG Pakistan, with Chishti and the JS Group on one side and the current board and management on the other. If the tender goes through, it could lead to Greentree securing a majority stake in the company.