TRG says it has no formal means to justify the recent increase in share price

December 11, 2020 (MLN): TRG Pakistan on Friday informed the Pakistan Stock Exchange that it had no formal means of knowing what speculations are circulating in the market and are, hence, unable to directly address these.

‘We would also like to inform you that we do not have knowledge of any material information that may have resulted in the increase in market price of the Company and which has not previously been disclosed to the market’, the company said it in its notification to PSX.

‘Furthermore, we would like to assure you that the Company is fully cognizant of all applicable legal and regulatory procedures and requirements and will continue to ensure compliance with the same’, it added.

Is it pertinent to mention that the share price of the company has changed by a whopping 175% during the Fiscal Year 2021, from Rs. 28.24 per share to Rs. 77.69 per share. Moreover, in the last 10 days, the price has changed by 15.3%.

The only material information last announced by TRG pertained to the initiation process of listing of one of its indirect portfolio companies, IBEX Limited, on NASDAQ. The valuation range that IBEX was seeking is $20 to $22 per share, implying a pro-rated stake for TRG Pakistan of PKR 20 billion.

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