KARACHI: The board of directors of TRG Pakistan Limited (TRGP) considered the options offered to it by The Resource Group International Limited (TRGI), i.e., either to directly receive (by way of full or partial redemption) its share of TRGI’s liquid assets namely cash and certain number of shares of Ibex Limited owned by TRGI or continue with its investment in TRGI.
After having considered the matter in detail and keeping in view the long-term strategy and objectives of the company, the board of directors decided that the company should choose second option to continue to work towards further maximizing value and capital return of its proceeds for the company and its shareholders, material information sent to Pakistan Stock Exchange on Monday said.
The company further requested TRGI to consider and implement an alternate means of providing direct or indirect value, benefit and liquidity to the shareholders of TRGP.
The TRGI has duly considered the request and now intends to implement TRGP’s request through housing TRGP’s portion of liquid assets in a separate wholly owned subsidiary of TRGI (SPV).
This SPV will, as soon as practicable, utilize all or part of these liquid assets to purchase shares of TRGP from the stock market from time to time, in order to provide value, benefit, and liquidity to the shareholders of TRGP. Such transactions will be conducted independently by the SPV in accordance with applicable laws.
Copyright Business Recorder, 2021
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