TRG is actively assessing monetization alternatives for two of its other portfolio companies and these portfolio companies have retained financial advisors for that purpose, TRG Ltd notice said
KARACHI: The AGP Ltd said on Monday that it has so far not entered into a supply agreement with any hospital or Diagnostic Centres for the supply of Sputnik-V vaccine either directly or indirectly in Pakistan.
In a notice to the Pakistan Stock Exchange (PSX) it said that , “this is with reference to the false, incorrect and misleading information circulating in the social and electronic media forums regarding the availability of Sputnik-V vaccine for Covid-19 through one of the prominent diagnostic centres in Pakistan.”
It said, “It is hereby clarified that AGP Limited (“AGP”), so far, has not entered into a supply agreement with any Hospital or Diagnostic Centre (including the diagnostic centre in question) for the supply of Sputnik-V vaccine either directly or indirectly in Pakistan. AGP, being the exclusive distributor of Sputnik-V vaccine in Pakistan, will only enter into a supply agreement with a Hospital or Diagnostic Centre after completion of all necessary legal formalities and which duly conforms and fully complies with the directions issued by the relevant regulatory authorities.”
Meanwhile TRG Ltd on Monday also clarifies its version that Etelequote Limited is a subsidiary of TRG International, which is an associate company of TRG Pakistan. It highlights some of the disclosures previously made by TRG Pakistan relating Etelequote and our monetization plans.
The notice said that We (TRG Ltd) had disseminated to the market a disclosure of material information dated May 21, 2020 whereby we had said that “TRG Pakistan Limited would also like to announce that it is actively assessing monetization 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.”
In continuation of the above, we (the company) also touched upon the subject in our Directors’ Report for the year ended June 30, 2020, which was disseminated to the market in November 2020. The said Report stated “We are also actively assessing monetization alternatives for our health insurance marketing company and have retained financial advisors for this purpose. We hope to make significant progress in this regard in the next few months and report back to our shareholders”. Further, our Directors’ Report for the quarter ended September 30, 2020 also stated (in the context of our associate TRG International’s valuation in our books of accounts) that “As we approach monetization of our remaining assets, we expect this value to increase further.”
It further clarify here that no decision has been made as of this date relating to the listing of Etelequote Limited on NASDAQ or any other exchange. As stated in our previous disclosures, we continue to evaluate various monetization alternatives for our portfolio companies, including assessing the US public markets and private transaction. We would also like to reiterate, as we did in our earlier disclosures, that due to the volatility in the financial markets there is no certainty as to the timing, valuation and potential success of any such transaction, the company notice said.