TRG confirms Chishti-linked share transfer

June 1, 2026 (MLN): TRG Pakistan Limited (TRGP) has formally confirmed that the massive block of shares recently acquired by JS Bank Limited originated from the account of its former key stakeholder, Zia Chishti.

The disclosure adds a fresh layer of legal and governance intrigue to an ownership shift already reshaping the company’s power structure.

In a notification to the Pakistan Stock Exchange (PSX) today, TRG Pakistan said it received a disclosure, confirming that 81.36 million shares, representing 14.92% of the company, were acquired by JS Bank Limited on May 21, 2026, through the enforcement of pledged security.

The disclosure came days after the market was informed of the acquisition itself, but introduces a new dimension by linking the transferred shares directly to Zia Chishti’s account and referencing ongoing legal proceedings in the United States.

According to TRG Pakistan, its associate, The Resource Group International Limited (TRGI), informed the company that during an enforcement court proceeding in the United States last week, Mr. 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.

At the disclosed transaction price of Rs62.92 per share, the transfer carries an estimated value of approximately Rs5.12 billion.

The company further disclosed that TRGI has reserved all legal rights concerning the legitimacy of such transfers, citing an arbitration ruling in the United States in its favour in early 2025.

The transaction cements the JS Group’s growing influence in TRG Pakistan.

Following the enforcement action, JS Bank and other members of the JS Group now collectively hold 159.98 million shares, or approximately 29.3% of the company, placing the group in a significantly stronger position in shareholder voting dynamics.

Meanwhile, Zia Chishti’s holding has sharply declined to 6.56 million shares, representing just 1.2% of the company.

JS Group Shareholding in TRG Pakistan

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