TRG Pakistan receives IHC order halting share acquisition

February 27, 2025 (MLN): TRG Pakistan Limited has received a certified order from the Islamabad High Court (IHC), which has temporarily restrained Greentree Holdings Limited (GHL) and AKD Securities Limited (AKDSL) from purchasing TRG shares under the Public Announcement of Offer dated January 15, 2025.

The decision follows a writ petition filed by Abid Hussain, Director of TRG Pakistan and CEO of Sign Source Limited (SSL), along with SSL, against the Securities and Exchange Commission of Pakistan (SECP), Competition Commission of Pakistan (CCP), TRGP, The Resource Group International Limited (TRGI), GHL, and AKDSL.

The petition seeks to block Greentree from acquiring shares and prevent TRGP from facilitating such acquisitions.

The IHC’s interim order, issued on February 26, 2025, will remain in effect until the next hearing on March 12, 2025.

In a separate legal development, the IHC has also suspended an earlier ruling by the Civil Judge 1st Class, dated February 11, 2025, which had restricted TRG Pakistan in relation to its board elections.

This suspension will hold until the next hearing on March 7, 2025.

TRG Pakistan, named as a defendant in both cases, has stated that it intends to appear through its legal counsel and will provide updates as the proceedings unfold.

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