IHC stops Greentree from buying TRG Pakistan shares

MG News | February 26, 2025 at 11:08 AM GMT+05:00

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February 26, 2025 (MLN): The Islamabad High Court (IHC) has issued a restraining order against Greentree Holdings Limited, preventing it from acquiring shares in TRG Pakistan Limited (TRGP) in light of a legal challenge by Sign Source Limited and Abid Hussain.

The petitioners have filed a writ against the Securities & Exchange Commission of Pakistan (SECP) and the Competition Commission of Pakistan (CCP), alleging that Greentree’s public offer to acquire TRGP shares is unlawful. They claim that the acquisition is being financed by funds ultimately owned by TRGP itself, violating Section 86 of the Companies Act, 2017.

The petition also warns that if Greentree proceeds with the acquisition, it could become the majority shareholder in TRGP, creating a dominant market position in violation of Section 3 of the Companies Act.

The IHC has issued notices to all respondents and scheduled the next hearing for March 12, 2025. Until then, Greentree Holdings Limited and associated parties have been restrained from purchasing TRGP shares.

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