TRG associate sells 3.56m IBEX shares for $70m

MG News | November 20, 2024 at 09:42 AM GMT+05:00

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November 20, 2024 (MLN): IBEX Limited (Nasdaq: IBEX) has repurchased 3.56 million shares from The Resource Group International Limited (TRGI), an associate of TRG Pakistan Ltd. (PSX: TRG) for $70m.

The definitive agreement includes $45m in cash and $25m in seller financing, with the buyback priced at $19.65 per share, TRG said in a stock filing Wednesday.

The purchase price represents the last closing price before the deal was announced, as well as the five-day volume-weighted average trading price for IBEX common shares on the Nasdaq Global Market as of the signing of this transaction.

Following this repurchase, TRGI will retain ownership of 1.8m common shares of IBEX, with TRGI’s shareholder agreement with IBEX dated November 2017 remaining in effect.

Additionally, IBEX will have the right to repurchase the remaining shares owned by TRGI within 4 years, if certain conditions are met.

Houlihan Lokey acted as financial advisor to TRGI for this transaction.

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