The Supreme Sindh Court ruled that the Greente Holdings Limited, and the director of the TRG Pakistan’s general presentation, can extend the acceptance period for re -purchase until April 15, 2025, if chosen. However, the temporary residence order of the court will be issued as soon as this extended period ends.
Previously, the court issued an order to survive the proposed seizure of TRG Pakistan from Greente Holdings, a TRG International. The residence order was issued due to legal and procedural concerns, which requires the offer manager and TRG Pakistan to maintain the status quo after the admission period was closed.
The legal battle revolves around two main arguments. On one side, the TRG administration is trying to pay a re -purchase by challenging the residence order. While on the other hand, competing shareholders argue that the legitimacy of re -purchase must be addressed under Article 86 (2) of the Corporate Law of 2017 first.
The TRG administration claims that the expansion of the admission period would prevent disincentive shareholders. The re -purchase price is determined at 75 PKR per share, while the market price reached 65.14 PKR as of yesterday, which creates an attractive opportunity for investors in the short term. However, if the legal conflict continues, these speculators may suffer from losses due to delay or risk of the entire deal in collapse if the organizers intervene.
By extending the deadline, TRG aims to maintain the interests of the investor and potential losses of uncertainty surrounding the case. The result of this conflict is expected to be an important case study in the corporate law.
The case is scheduled to be held on April 7, 2025, where other arguments will be heard. Main companies’ procedures (for example, shares, asset sales, or governance changes cannot occur until the following court session (April 7, 2025). Likewise, Greentree cannot finish touches to acquire it that exceeds the conditions already specified, and TRG Pakistan cannot take steps that may change the rights of shareholders.