Day: December 10, 2021

The Resource Group TRG International (TRG) has informed TRG Pakistan that its board has approved the allocation of its liquid assets to its shareholders.

According to Topline Securities, TRG International’s board has approved the allocation of liquid assets worth $120 million to the company’s shareholders.

The portion of liquid assets is inclusive of $10 million in deferred cash, along with 5.4 million shares of IBEX Limited (IBEX) which is worth $72 million, based on the last closing of $13.4 million at Nasdaq.

To recall a certain research filing on the acquisition of E-Telequote, Topline Securities had mentioned that TRG International sold its E-Telequote business and TRG Pakistan would receive $105-120 million (Rs. 34-38 per share) against the sale. Investors were waiting since then as the company had not presented them with any buyback or cash dividend options.

Considering all the facts and speculations, TRG will either distribute the liquid assets through cash dividends to the shareholders or will simply announce a buyback. Topline suggests that the chances for a buyback are slim due to regulations, and if TRG decides to announce a cash dividend, it could do so by presenting Rs. 33-35 per share value based on assets worth $110 million.

Regardless of the option that TRG proceeds with, the process and structure for the utilization of the abovementioned allocation are expected to be finalized by 31 December 2021, and TRG will make the announcement in due time.

Source: Pro Pakistani

Federal Minister National Food Security & Research, Syed Fakhar Imam, visited PITB, along with Secretary National Food Security and Research, Tahir Khursheed, Director General, Muhammad Tariq Khan, and Director Technical from National Food Security, Shahid Abdullah.

The Federal Food Security Portal was presented by Chairman PITB, Azfar Manzoor, and DG IT Operations, Faisal Yousaf, along with the team. A complete demonstration of the system was given, explaining how it will enable the importers and exporters to register themselves and initiate their import/export requests without visiting the field offices for submission of applications.

Additionally, the authorized persons will use the mobile application at the entry/exit points for the inspection of commodities, whereas the importer/exporter will receive Phytosanitary Certificate on the spot. Overall, this portal will help the government in collecting first-hand information and making timely decisions on import and export policies.

The department will also be able to use this system as a field officer performance monitoring tool.

Source: Pro Pakistani