TRG Pakistan warns stakeholders against ‘fake documents’ circulating on social media

TRG Pakistan Limited (TRG) issued a public notice on Monday voicing concerns regarding the circulation of fabricated documents bearing the company’s logo on social media platforms.

In its notice to the Pakistan Stock Exchange (PSX), TRG stated that it “has taken note of fake documents with the company’s logo circulating virally on social media, displaying wrong calculations and financial scenarios in relation to the intent of tender recently announced by the company’s largest shareholder”.

“The company is concerned that its shareholders are reviewing this false and misleading information, which has been circulated maliciously by certain parties, often with the company’s logo, to mislead investors,” read the notice.

The development comes after Greentree Holdings issued a public announcement to acquire up to 35.145% of the issued and paid-up share capital, as well as control of TRG Pakistan Limited.

As Greentree’s holding approaches 30%, any subsequent purchases can only be made through a tender offer, in accordance with Pakistani securities law.

Greentree Holdings is an international holding company that manages the proceeds from the monetisation of TRG’s operating assets.

In its notice, TRG Pakistan alerted its public shareholders and other stakeholders to “only place reliance upon information disseminated by the company through official channels and not to be influenced by information from unofficial sources, especially on WhatsApp and social media”.

TRG Pakistan Limited was incorporated in Pakistan as a public limited company in 2002. The company obtained a license from SECP to operate as a Non-Banking Finance Company and undertake venture capitalist investments. Through its associate, Resource Group International Limited (TRGIL), the company is engaged in investments, particularly in technology, medical insurance, and IT-enabled services.