Karachi: TRG Pakistan Limited has announced that JS Bank Limited has acquired a substantial portion of its shares, totaling 81,358,289 and representing 14.92% of the company’s outstanding shares. This acquisition, disclosed on June 1, 2026, was executed as an enforcement of security, as outlined under Section 109 of the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
According to information available from the Pakistan Stock Exchange (PSX), the acquisition took place on May 21, 2026. The transaction was a result of collateral enforcement against Mr. Zia Chishti, a prominent stakeholder, during a legal proceeding in the United States. Mr. Chishti confirmed, under oath, that the shares acquired by JS Bank were from his account, as they were pledged as collateral for a loan obtained from the bank.
The Resource Group International Limited (TRGI), an associate of TRG Pakistan, has expressed its intention to challenge the legality of the share transfer. TRGI cited a prior arbitration ruling in its favor in early 2025, which may impact the current proceedings. As of now, Mr. Chishti has not provided a disclosure for this transaction as required under the applicable laws.
The development places TRG Pakistan in the Designated Market Category of the Pakistan Stock Exchange, indicating a significant move in the company’s shareholder dynamics. The situation remains fluid, with potential legal ramifications stemming from the ongoing dispute and the lack of disclosure from Mr. Chishti.