TRG Pakistan to Challenge SHC Decision in Supreme Court
Staff Report
Islamabad: TRG Pakistan management is exploring an option of all legal avenues including challenging the decision in Supreme Court of Pakistan.
TRG Pakistan (TRG) held analyst briefing today to discuss outlook on the company and future direction.
Briefing was communicated by the Chairman, CEO and CFO of TRG.
Regarding recent court ruling against the TRG management in Sindh High Court, management communicated that all legal avenues are being explored including challenging the decision in Supreme Court of Pakistan.
Manager to the tender offer (AKD) has started returning shares pledged by investors as per directions of the Court. Eventually all the pledged shares will be returned soon.
Meeting for election of new directors of the board is a board level decision and any development in this regard will be shared with investors.
TRG indirect shareholding in Ibex and Afiniti has reduced to 13% in each. Reason for reduction has been divestment in Ibex shareh7.36olding by TRG International (TRGI) and debt restricting related conversion in Afiniti.
In 9MFY25 TRG posted a profit after tax of Rs4.02bn (EPS: Rs7.36) which was mainly due to gain in value of shares of Ibex listed on Nasdaq and gain in value of TRG shares held in Greentree.Govt wants Supreme Court to revisit Bhutto’s Murder Trial
Ibex outperformed its peers in FY25. Revenues are expected to be up by 7% YoY in FY25 to US$545mn. EBITDA is expected to be up by 6% YoY to US$70mn. In 3QFY25 revenue has increased by 11% YoY.
Afiniti debt restructuring was completed in December 2024. A consortium of creditors led by Vista converted 50% of its debt into convertible preference shares. TRGI also invested US$15mn in same convertible preferred.
After restructuring TRGI is no longer majority shareholder in Afiniti. TRGI has two members on the board of the company.
Vista and consortium is now majority shareholder in Afiniti after restructuring. There is currently no action on Afiniti listing and future monetization will be decision of the board which now includes a majority of Vista.
