TRG Pakistan

Last updated
TRG Pakistan
Company type Public
PSX:  TRG
KSE 100 component
Industry Venture capital
Founded2003;22 years ago (2003)
Founder Zia Chishti
Headquarters Karachi, Pakistan
Key people
Mohammed Khaishgi (chairman)
Hasnain Aslam (CEO)
Decrease2.svgRs. −32.213 billion (US$−110 million) (2024)
Total assets Decrease2.svgRs. 40.582 billion (US$140 million) (2024)
Total equity Decrease2.svgRs. 33.286 billion (US$120 million) (2024)
Owner Zia Chishti (16.12%)
Number of employees
6 (2024)
Subsidiaries TRG International Limited (45.3%)
Website trg.com.pk
Footnotes /references
Financials as of 30 June 2024 [1]

The Resource Group Pakistan, commonly known as TRG Pakistan, is a Pakistani venture capital firm specializing in investments in business process outsourcing companies. It is based in Karachi. [2]

Contents

History

Founded in 2003 by Zia Chishti, TRG originated from back-office operations he had established for Align Technology in Lahore. [3] [4] After his departure from Align, these operations became the foundation of TRG Pakistan's call center business in Pakistan. [3] TRG obtained the certificate of commencement of business on February 27, 2003. The operations of the company effectively started on April 11, 2003. [4]

In July 2003, TRG was listed on the Karachi Stock Exchange following an initial public offering at a strike price of PKR 10. [5] In November 2003, TRG acquired a 40 percent stake in Centratel LLC, a provider of call center and telephone answering services in Bend, Oregon. [6] Previously, it made an investment in Los Angeles–based Alert Communications. [6]

In May 2004, TRG acquired iSKY Inc., a company providing customer care and marketing services to companies in North America and Europe. [7] In June 2004, TRG acquired DCS Inc., a South Dakota–based call center service provider, through its subsidiary Alert Communications, Inc. [8] A year later, in 2005, TRG made a seed investment in Afiniti, a software company developing artificial intelligence for use in customer call centers. [3]

In October 2007, TRG sold its shareholding of Central Voice, LLC to Endicott Communications for $1.75 million. [9]

In 2020, TRG's subsidiary ibex was listed on the Nasdaq. [10]

Subsidaries

In June 2025, the Sindh High Court delivered a 52-page judgment in J.C.M. No. 12 of 2025, ruling that TRG Pakistan Limited’s management—specifically Mohammed Khaishgi and Hasnain Aslam—acted in a manner that was “unlawful, fraudulent and oppressive.” The court found that a Bermuda-based shell company, Greentree Holdings, had acquired nearly 30 percent of TRG’s shares using approximately US $80 million of TRG’s own funds, in violation of Section 86(2) of the Companies Act, 2017. [12] A further tender offer to acquire an additional 35 percent using a further US $70 million was also deemed illegal. The court subsequently invalidated Greentree’s shareholding and ordered immediate board elections to correct the governance breach. [13] [14] [15]

References

  1. ↑ "TRG Pakistan Annual Report 2024" (PDF). Retrieved 1 October 2024.
  2. ↑ Ali, Meiryum (February 20, 2021). "The TRG stock phenomenon, explained". Profit by Pakistan Today. Archived from the original on November 2, 2021. Retrieved November 2, 2021.
  3. 1 2 3 4 5 Tirmizi, Farooq (March 7, 2017). "After a stellar entrepreneurial run, TRG is Zia Chishti's swan song". Profit by Pakistan Today. Archived from the original on July 22, 2023. Retrieved April 14, 2024.
  4. 1 2 Jalees, Tariq. "The Resource Group (TRG) Business Process Outsourcing Pakistan's Success Story".
  5. ↑ "Broadening the retail base in stock market". DAWN. 19 July 2004.
  6. 1 2 "Acquisition". DAWN.COM. November 11, 2003. Archived from the original on September 17, 2024. Retrieved September 17, 2024.
  7. ↑ "Resource Group acquires iSKY". DAWN.COM. May 28, 2004. Archived from the original on September 17, 2024. Retrieved September 17, 2024.
  8. ↑ "TRG acquires US call centre firm". DAWN.COM. June 12, 2004. Archived from the original on September 17, 2024. Retrieved September 17, 2024.
  9. ↑ "TRG sells subsidiary for $1.75m". DAWN.COM. October 23, 2007. Archived from the original on September 17, 2024. Retrieved September 17, 2024.
  10. ↑ "Ibex Holdings seeks listing on Nasdaq | ePaper | DAWN.COM". epaper.dawn.com. 27 February 2018. Archived from the original on 22 July 2023. Retrieved 14 April 2024.
  11. 1 2 3 "TRG Pakistan case study". Archived from the original on 2024-05-18. Retrieved 2024-05-18.
  12. ↑ Judgment of the High Court of Sindh, Karachi, J.C.M. No. 12 of 2025, delivered June 20, 2025. Sindh High Court. Retrieved June 22, 2025.
  13. ↑ "TRG Pakistan management acted fraudulently, illegally in Zia Chishti case: SHC". Geo News. June 20, 2025.
  14. ↑ "SHC finds $150 million fraud by TRG Pakistan management". The Nation. June 22, 2025.
  15. ↑ "Fund manager Pinebridge implicated in $150 million fraud". Dialogue Pakistan. June 22, 2025.


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