Karachi: Greentree Holdings Limited, through its representative AKD Securities Limited, has issued a corrigendum to its January 15, 2025 public announcement regarding its intent to acquire a significant stake in TRG Pakistan Limited. This acquisition involves a substantial 35.147% of TRG Pakistan's shares, totaling 191,690,015 ordinary shares.

The corrigendum, published subsequent to the initial announcement, addresses amendments to certain statements made by the acquirer. The original public announcement of offer (PAO) was disseminated in the Business Recorder and Nawa-i-Waqt newspapers on January 17, 2025. According to information available from the Pakistan Stock Exchange (PSX), the acquisition process remains on track despite the issued corrigendum.

Shareholders of TRG Pakistan are required to tender their shares by submitting a letter of acceptance, along with necessary documentation, to AKD Securities Limited, the manager to the offer, by July 8, 2025. The public offer acceptance period is set to open from July 2, 2025, at 9:00 AM and close at 5:00 PM on July 8, 2025. Shareholders must adhere to the specified timelines as late submissions will not be entertained, barring any court-ordered extensions.

The process for acceptance and settlement involves detailed steps for both individual and corporate applicants, including submission of identification documents, share certificates, and transfer deeds where applicable. The completion of these procedures ensures the acceptance of the public offer. Payments for shares tendered will be made via Interbank Funds Transfer or RTGS within ten days following the closure of the acceptance period.

Greentree Holdings Limited has confirmed that all necessary statutory approvals for the public offer have been secured. The acquirer also stated that it is not acting in concert with any other entities and has complied with all relevant legal provisions. Furthermore, the acquired voting shares will not be transferred to any third parties.

This acquisition aligns with the designated market category's focus on substantial shareholding transactions. The outcome of JCM 12 of 2025, currently pending before the High Court of Sindh, remains a potential factor in the proceedings.