Karachi: TRG Pakistan Limited has disclosed significant developments regarding its associate, The Resource Group International Limited (TRGI), which has entered into a definitive agreement with its portfolio company, IBEX Limited. According to the announcement made on the Pakistan Stock Exchange on [insert date], IBEX has completed the repurchase of approximately 3.56 million of its shares from TRGI in a transaction valued at PKR70 million.

The transaction involves PKR45 million in cash and PKR25 million in seller financing, with the shares priced at PKR19.65 each. This price reflects both the last closing price prior to the deal's announcement and the five-day volume-weighted average trading price on the Nasdaq Global Market at the time of signing.

Following the repurchase, TRGI will retain 1.8 million common shares of IBEX. The shareholder agreement between TRGI and IBEX, established in November 2017, will continue to be in effect. Furthermore, IBEX holds the option to repurchase the remaining shares owned by TRGI within a four-year timeframe, subject to meeting certain conditions.

Houlihan Lokey served as the financial advisor to TRGI. According to information available from the Pakistan Stock Exchange (PSX), the transaction highlights a significant financial maneuver by TRGI, potentially impacting its strategic positioning and financial outcomes.