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Karachi, March 15, 2013 (PPI-OT): In accordance with clause (xx) of the Listing Regulation No. 35 under Code of Corporate Governance 2012, we are pleased to convey the following information:
IDB Infrastructure Fund L.P. sells interest in The Resource Group International to Chairman and Chief Executive Officer Mr. Zia Chishti.
TRG Pakistan Limited (TRG) announces that Emerging Markets Partnership Bahrain B.S.C.(c) (“EMP Bahrain), General Partner and Manager of the IDB Infrastructure Fund L.P. (“IDBIF”), entered into an agreement today to sell IDBIF’s equity interest in The Resource Group International (“TRGI”-sole subsidiary of TRG Pakistan Limited) to TRGI’s Chairman and Chief Executive Officer Mr. Zia Chishti.
The principal, terms of the transaction comprise the sale of 12,397,074 shares reflecting approximately 12.4% of the total outstanding shares of TRGI for an aggregate consideration of $ 2.25 million. The sale of shares has no effect on the current number of shares or shareholding profile of The Resource Group Pakistan (“TRGP”), and does not affect TRGP’s proportional economic or voting interest in TRGI. EMP Bahrain’s / IDBIF’s nominees on the TRGP and TRGI boards will continue to serve as directors.
Additionally, Mr. Chishti has undertaken not to sell the shares he has acquired under this transaction until such time as Pinebridge Investments has either converted its preference shares in TRGI into common shares or otherwise realized its preference.
Shabu Qureshi, Partner at EMP Global commented “We have been closely associated with and deeply supportive of The Resource Group for over five years. However, the IDBIF has reached the end of its term and, accordingly, we are exiting our investment in TRGI. We wish TRGI and TRGP the best of success and look forward to working with Mr. Chishti in the future”.
Zia Chishti, Chairman and CEO of The Resource Group International commented “We have been proud to count IDBIF as a shareholder. EMP Bahrain/ IDBIF have been extraordinarily supportive of our efforts over the years and have generated tremendous value for the business though their networks of relationships, advice, and leadership. IDBIF’s funding helped enable the creation of over 2000 jobs in Pakistan and build a business that would serve as a critical component of Pakistani economic infrastructure. I look forward to continuing to serve our shareholders in concert with Mr. Qureshi and Abu Bakar Chowdhury, Managing Director of EMP Bahrain, on the TRGI and TRGP boards.”
For more information, contact:
Syed Muhammad Talib Raza
Company Secretary
VP Shareholder Relations
TRG Pakistan Limited
3rd Floor, Arcadia Building,
16th Street, Defence Phase I,
Main Korangi Road,
Karachi – 75500 Pakistan
Ph: + 92-21-35392841-2
Fax: + 92-21-35392842
Web: www.resgrp.com