TRG Pakistan’s shares are projected to experience a decline, with estimates placing the price between Rs64-68 per share following Greentree Holdings Limited’s tender offer. Greentree, an international holding company, has proposed purchasing an additional 35.1% stake in TRG Pakistan at Rs75 per share, potentially increasing its total shareholding to 64.8%. This tender offer comes after the Islamabad High Court dismissed a shareholder petition that sought to block Greentree’s acquisition.
Read More: Moody’s Upgrades Pakistan’s Banking Outlook to Positive
KTrade Research, in its analysis, attributes the anticipated drop in share price to the net asset value (NAV) of TRG Pakistan, factoring in cash reserves and the marketability of its illiquid assets. The research firm estimates TRG Pakistan’s assets at $34 million, excluding legal and administrative expenses.
Greentree’s tender offer is part of its strategy to return monetization proceeds to TRG Pakistan shareholders. The company has already generated significant returns from its portfolio, including investments in Ibex and eTelequote. However, challenges such as legal disputes and missed opportunities in the SaaS industry have impacted shareholder value.
The tender offer is open from March 25 to April 4, 2025, and only shareholders listed as of February 21, 2025, are eligible to participate. Market participants view this as an opportunity for investors seeking an exit amid ongoing legal uncertainties. TRG Pakistan’s stock closed at Rs70.31 per share on March 19, 2025, reflecting a 5.54% increase on the day.
