Greentree Holdings Limited has officially submitted a Public Announcement of Intention to acquire up to 35.145% of the issued and paid-up share capital, along with control of TRG Pakistan Limited (PSX: TRG). The announcement was made by AKD Securities, the appointed Manager to the Offer, in a statement to the Pakistan Stock Exchange (PSX) on Monday.

“We, AKD Securities Limited, have been appointed as Manager to the Offer by Greentree Holdings Limited (the ‘Acquirer’), in accordance with regulation 6(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Regulations, 2017,” the statement read.

The Acquirer intends to purchase 35% of TRG Pakistan’s total outstanding shares through a public offer, which represents 50% of the company’s free float shares. Following the acquisition, Greentree Holdings aims to increase its total shareholding and control in TRG Pakistan to 64.7%.

Regulatory Approvals and Ownership Structure
The acquisition is subject to regulatory approvals, if required. Greentree Holdings Limited is a wholly owned subsidiary of The Resource Group International Limited. The company clarified that it has no ultimate beneficial owner, as no individual directly or indirectly holds more than 25% of its outstanding shares or voting rights.

Current Shareholding in TRG Pakistan
Greentree Holdings already owns 162,010,636 shares in TRG Pakistan, representing a 29.71% stake in the company. The intended acquisition would significantly increase its control and influence over the Target Company.