JS Bank did not invest in TRG Pakistan; it forced its entry. On May 21, 2026, JS Bank bought out another 14.92% of share capital of TRG Pakistan Limited, by enforcing security of the shares pledged against loans, which takes the JS Group shareholding in the firm operating in technology and BPO sectors to 29.33%. According to a notice filed with Pakistan Stock Exchange by its parent company, Jahangir Siddiqui & Co. Ltd., this development is likely to alter the ownership of Pakistan’s most strategic public companies.
The Process of the JS Bank TRG Pakistan Shares Acquisition
On May 21, 2026, JS Bank bought 81,358,289 shares of TRG Pakistan at Rs62.92 each, totaling about Rs5.12 billion. JS Bank conducted the deal using the enforcement of security method. This implies that the company had earlier used these shares to secure some financing. During the event of the enforcement of such financing, JS Bank was able to acquire equity in the company without accessing the market.
Why there is no need for mandatory offer
The transaction of acquisition by JS Bank in TRG Pakistan cannot make any compulsory offer under Part IX of the Securities Act, 2015. The JS Bank clearly states that the above transaction falls under the exemption of Section 109(1)(c) of the above act; it means that those acquisitions made by way of enforcement of security shall be exempted from making any mandatory offer according to the normal take-over criteria.
14.41% to 29.33% – an almost doubling of their control
Prior to the stock buyback, JS Bank and its persons in concord had invested 14.41%, which accounted for 78,622,164 shares in TRG Pakistan. The new acquisition by JS Bank of TRG Pakistan raises the stakes to 159,980,453 shares, which equates to 29.33%. This is a critical level of ownership that will give the JS Group significant say in all aspects of the business.
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Who holds what inside the JS Group
| Entity / Person Acting in Concert | Shares Held |
|---|---|
| JS Bank Limited | 105,942,049 |
| Jahangir Siddiqui & Co. Ltd. | 26,949,561 |
| JS Infocom Limited | 20,077,842 |
| Energy Infrastructure Holding (Pvt) Ltd | 3,500,000 |
| JS Bank Limited — Gratuity Fund | 3,500,000 |
| Mr. Suleman Lalani | 10,001 |
| JS Global Capital Limited | 500 |
| Mr. Asad Nasir | 500 |
| Total Shareholding | 159,980,453 (29.33%) |
What does this mean for TRG Pakistan?
The JS Bank TRG Pakistan equity holding merger happens during a critical period for TRG Pakistan. TRG Pakistan functions as a holding company, which holds interests in technology and BPO businesses; its largest holding is in Ibex, a US-listed BPO company. JS will be able to exert considerable influence over decisions, both on the listing of TRG and over its investments abroad, since the holding of 29.33% by one group represents a sizable position.
The filing made by Syed Muhammad Talib Raza, who is the Company Secretary & Head of Legal for JS Bank, indicates a well thought out move as opposed to a tactical deal. JS Group currently holds the largest shareholding stake in the TRG Pakistan voting stock, and it will be interesting to note if this move is the beginning of a larger strategy or just an accident of opportunity which gave JS Group this dominant position.
