Karachi: Responding to an inquiry by the Pakistan Stock Exchange (PSX) on Monday, TRG Pakistan Limited – a technology services provider company – said its plans for investment abroad and future expansion have not been finalised yet, contrary to what had been reported in some sections of the media.
“TRG Pakistan Limited would also like to announce that it is actively assessing monetisation alternatives for two of its other portfolio companies and these portfolio companies have retained financial advisors for that purpose. These alternatives include accessing the US public markets. Given the volatility in the financial markets as well as the outlook for the global economy, there is no certainty as to the potential success of any such initiative,” TRG said in a letter to the stock exchange.
Contradicting rumors, yet leaving the door open for such developments in the future, TRG Pakistan said that no decision has been made as of this date relating to the listing of Etelequote Limited – an indirect subsidiary of TRG – on NASDAQ or any other exchange.
IBEX, another one of TRG’s indirect portfolio company, got listed in August 2020 on the Nasdaq Global Market through its Initial Public Offering (IPO) and raised $90 million. The company provides contact center services and other BPO facilities to enterprise customers.
TRG was incorporated in Pakistan as a public limited company on December 2, 2002, under the Companies Ordinance, 1984 and is listed on the Pakistan Stock Exchange (PSX). TRG obtained the certificate of commencement of business on February 27, 2003. The operations of the Company effectively started on April 11, 2003.
Under the spotlight
TRG has been under the spotlight for investors as there has been a wealth of speculations and rumors concerning its future plans. News circulated in some sections of social media claiming that it had decided to list one of its subsidiaries in the US stock markets is the latest in that list. This, coupled with a steadily rising share price, has made the company a point of interest for the PSX and financial regulators.
TRG International’s (TRGI) share price went from Rs 12 to Rs 131 in the last nine months – a nine-fold increase in nine months. Its share price was at 0.03 paisas in September 2019 but reached Rs 1.50 in September 2020. The company’s pure income was at Rs 24.775 million in September 2019 and stood at Rs 551.712 million in September 2020.