TRG\'s small shareholder gets stay against $55m inflow

A small shareholder of TRG Pakistan has obtained a stay order from Islamabad High Court that restrained Greentree Holdings from purchasing a significant further stake in TRG. Greentree Holdings, the largest shareholder of TRG Pakistan with a 29.7% stake, had launched on January 15 a tender offer for a further 35.1% shareholding in TRG Pakistan, representing foreign exchange inflows of $55 million into the country. Book closure for the tender took place on February 21 and tender open dates are from March 6 to 12. However, on February 26, Signsource Limited, a 0.3% shareholder in TRG Pakistan and Abid Hussain, a director of the company and the CEO of Signsource, got a stay order from the high court.