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TRG Pakistan Limited, originally The Resource Group, is a Pakistani venture capital and investment holding company that specialises in investments in business process outsourcing, technology, and telecommunications companies. It is based in Karachi.[2]

History

TRG was founded in 2003 by Hasnain Aslam, Zia Chishti, Mohammed Khaishgi, following Chishti’s departure from Align Technology, the Invisalign manufacturer he had co-founded.[3][4] The company’s initial operations were built around the former Pakistani back-office of Align Technology in Lahore, which became the basis for a planned call center platform.[3]

In July 2003, TRG was listed on the Karachi Stock Exchange following an initial public offering at a strike price of PKR 10 per share.[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 provider with operations in North America and Europe.[7] The following month, TRG’s subsidiary Alert Communications acquired DCS Inc., a South Dakota–based call center operator.[8] In 2005, TRG made a seed investment in Afiniti, a Washington, D.C.-based software firm developing artificial intelligence for use in customer contact centers.[3]

In October 2007, TRG sold its shareholding in Central Voice, LLC to Endicott Communications for $1.75 million.[9] By the 2010s, TRG had reorganised itself as an investment holding company with its assets held through TRG International Limited, an offshore vehicle whose principal portfolio companies included Afiniti, Ibex, and eTelequote.[3][10]

In 2020, TRG’s portfolio company ibex was listed on the Nasdaq.[11]

In November 2021, co-founder Zia Chishti resigned from his roles at Afiniti following allegations of sexual misconduct made in testimony to the United States House Committee on the Judiciary, and later that month stepped down from all positions at TRG and its affiliates.[12][13] In December 2021, the boards of TRG Pakistan and TRG International appointed Mohammed Khaishgi as chief executive of TRG International and Hasnain Aslam as chief executive of TRG Pakistan; both had managed substantial portions of the operating portfolio since 2016.[14]

On May 21, 2026, JS Bank executed the enforcement of a security pledge to acquire an additional 14.92% stake for PKR 5.1 billion, raising its consolidated group holding alongside concert parties to a dominant 29.33%. This places the JS Group as one of the single largest voting blocks.[15]

Operations

TRG Pakistan operates as an investment holding company whose principal asset is a non-controlling stake of approximately 45.3 percent in TRG International Limited, a Bermuda-incorporated vehicle that in turn holds equity positions in TRG’s operating portfolio.[16]

As of 2026, TRG’s two principal operating assets are Ibex, a Nasdaq-listed BPO and customer experience technology firm headquartered in Washington, D.C. (held at approximately 28.8 percent through TRG International), and Afiniti, a privately held artificial-intelligence software firm focused on contact-center optimisation (held at approximately 17.2 percent through TRG International).[3][16]

References

  1. ^ “TRG Pakistan Annual Report 2025” (PDF). Retrieved 1 October 2025.
  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. ^ a b c d e 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. ^ Kalita, S. Mitria (May 10, 2005). “Virtual Secretary Puts New Face on Pakistan”. The Washington Post.
  5. ^ “Broadening the retail base in stock market”. DAWN. 19 July 2004.
  6. ^ a b “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. ^ Memon, Bilal (December 7, 2017). “Born in the US, raised in Pakistan: Man who founded two billion-dollar companies”. The Express Tribune.
  11. ^ “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.
  12. ^ “Afiniti founder Zia Chishti ‘steps down’ after sexual assault allegations”. Dawn. November 19, 2021.
  13. ^ Titcomb, James (November 29, 2021). “Afiniti founder quits investment firm in wake of sex assault claims”. The Daily Telegraph.
  14. ^ https://tribune.com.pk/story/2568380/trgs-legal-battle-with-ex-ceo-imperils-export-giants-future
  15. ^ “Zia Chishti’s stake in TRG Pakistan down to 1.2% after ‘enforcement of security’ by JS Bank”. Brecorder. 2026-06-01. Retrieved 2026-06-13.
  16. ^ a b “TRG Pakistan case study”. Archived from the original on 2024-05-18. Retrieved 2024-05-18.