Latest news with #TRG
The Hindu
6 days ago
- Sport
- The Hindu
Indian sports wrap, July 16: India stays in contention for semifinal spot at FIBA Women's Asia Cup Division B event
BASKETBALL FIBA Women's Asia Cup, Division B: India stays in contention for semifinal spot India women's basketball team beat Tahiti 78-55 in its final Group A match of the FIBA Women's Asia Cup (Division B) in Shenzhen, China, on Wednesday. Sreekala Rani (15 points) and Sathya Krishnamurthi (11 points) were the top scorers in India's second win of the tournament. India (five points) finished second behind Chinese Taipei (six points) in its group. While Chinese Taipei goes directly into the semifinals, India will face third-placed team from Group B on Friday for a place in the last-four stage. The competition, which concludes on July 20, had eight teams divided equally into two groups with. Winner of the tournament is set to be promoted to Division A. India has previously won the Division B title in 2017 when it was also the host. However, the team missed out on playing in Division A in 2023 and aims to find its way back. -Team Sportstar CHESS AICF to host 10 FIDE trainer seminars in 2025 The All India Chess Federation (AICF) will conduct 10 FIDE trainer seminars this year and one in January 2026. The trainer seminars, aiming to empower the Indian chess coaches for training all levels of growing talents, will start from Vijayawada in August and will cover a host of Indian cities before finally culminating in Ranchi in January 2026. 'For the first time ever, we are witnessing a national federation organising 10 FIDE Trainers' Seminars in a single calendar year — and remarkably, a proposal for the 11th seminar has already been submitted for January,' said Sami Khader, the chair of the TRG (FIDE trainers commission). 'This outstanding initiative by the All India Chess Federation (AICF) is a testament to their unwavering commitment to developing chess trainers and raising the bar for training standards across the region. 'The FIDE Trainers' Commission (TRG) would like to emphasise that this is not only a record-breaking achievement but also reflection of the strong, ongoing collaboration and mutual trust between AICF and TRG.' AICF head of operations, A K Verma said the initiative is a part of producing trained coaches, who can provide quality coaching to budding chess players. 'We have been trying to provide a lot of training support to our coaches and give them the best available training so that they can use the knowledge to train students in their respective academies, institutes, personal coaching as well as in schools,' said Verma. 'For the past could of years, the AICF has been organising five such seminars and from five to 10 is a big leap forward, we just hope more and more coaches join to reap the benefits of this initiative.' Verma also added that he hoped schools will also take cognizance of the importance of having properly trained trainers/teachers with a valid training certificate coming from the apex world body. Top Indian coaches, FST and Dronacharya awardee R B Ramesh, head coach Indian team N Srinath, head coach Indian women team Abhijit Kunte, GM Pravin Thipsay and GM Tejas Bakre have confirmed their participation as coaches for these seminars. SCHEDULE Vijayawada August 8–10; Madurai August 22–24; Kottayam September 12–14; Pune September 19–21; Jaipur September 26–28; Noida, November 14–16; Kolkata November 28–30; Guwahati December 5–7; Bengaluru December 19–21; Ahmedabad December 26–28; Ranchi Januaru 23–25. -PTI Related Topics AICF
Business Recorder
15-07-2025
- Business
- Business Recorder
IHC suspends earlier order directing TRG Pakistan to hold elections
TRG Pakistan Limited (TRG) informed that the Islamabad High Court (IHC) has issued an interim order suspending its earlier judgment. The development, announced by TRG in its notice to the Pakistan Stock Exchange (PSX) on Monday, stems from a writ petition filed by a shareholder holding 55,000 shares (0.01%) of TRG Pakistan against the Securities and Exchange Commission of Pakistan (SECP), TRG Pakistan, and others. The petitioner sought a directive for the company to hold board elections. In this respect, the IHC passed an order on June 30, 2025, directing the SECP to invoke its powers under Section 147 of the Companies Act, 2017 and call an Extraordinary General Meeting (EOGM) of TRG Pakistan to conduct elections per law. At the time, TRG Pakistan stated that the 'order has several shortcomings and irregularities, and is in the process of filing an Intra-Court Appeal (ICA) in the Islamabad High Court'. Subsequently, TRG Pakistan Limited on Monday confirmed that it has received a certified copy on July 12, 2025, of an order passed by the IHC related to an intra-court appeal filed against the ruling in Writ Petition No. 2337 of 2025. 'The Islamabad High Court has taken cognisance of the matter, issued notices and passed an interim order suspending the operation of the impugned judgement in Writ Petition No. 2337 of 2025 till the next date of hearing,' read the notice. At the time of filing this story, TRG's share price was hovering at Rs57.95, a loss of Re0.12 or 0.21%. Earlier this month, the Supreme Court of Pakistan ordered a status quo on a Sindh High Court (SHC) ruling in favour of former TRG Pakistan CEO Zia Chishti. The SHC had issued a ruling on June 20, 2025, abating a $53 million tender by TRG Pakistan's largest shareholder, Greentree Holdings, as well as annulling Greentree's shareholding and ordering elections. Greentree subsequently appealed the ruling at the apex court, which led to an interim order asking all parties to maintain the status quo.
Business Wire
30-06-2025
- Business
- Business Wire
Rayonier Completes Sale of New Zealand Business to The Rohatyn Group
WILDLIGHT, Fla.--(BUSINESS WIRE)--Rayonier Inc. ('Rayonier') (NYSE:RYN) today announced the completion of the previously announced sale of entities holding its 77% interest in the New Zealand joint venture to a special purpose vehicle owned by an investment fund managed by The Rohatyn Group ('TRG'), a global asset manager specializing in emerging markets and real assets, for a purchase price of $710 million. Net proceeds to Rayonier, after adjusting for estimated net debt, working capital, transaction costs, and other closing adjustments, are expected to be $699 million. Rayonier continues to anticipate using at least 50% of the proceeds to reduce leverage and/or return capital to shareholders through special dividends and share repurchases. Remaining proceeds are expected to be deployed opportunistically to fund other capital allocation priorities, including additional share buybacks and/or potential reinvestment into synergistic acquisitions. Rayonier continues to expect a special dividend for 2025 of $1.00 to $1.40 per share, which will be paid in a combination of cash and shares (details to be announced later this year). During the second quarter, Rayonier repurchased ~1.5 million shares for ~$35 million in total. As of June 30, 2025, the company had ~$262 million remaining under its current share repurchase authorization. Rayonier had previously reclassified its New Zealand business to discontinued operations on its consolidated financial statements, and the updated financial outlook provided in conjunction with the company's first quarter results on April 30 excluded contributions from the New Zealand business. 'We have now completed roughly $1.45 billion of dispositions since introducing our asset disposition and capital structure realignment plan in November 2023—significantly exceeding the original $1 billion target,' said Mark McHugh, President and Chief Executive Officer of Rayonier. 'The success of this plan has allowed us to achieve our new leverage target in a manner that has been accretive to both CAD* and NAV per share, as well as better position Rayonier to create long-term value for our shareholders going forward.' 'We want to extend our gratitude to the team in New Zealand, which has done an outstanding job in managing these highly productive assets, and we are pleased to transfer the stewardship of this business to TRG, a well-regarded manager of forestry assets in the region,' added McHugh. About Rayonier Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States. As of March 31, 2025, Rayonier owned or leased under long-term agreements approximately 2.5 million acres of timberlands located in the U.S. South (1.75 million acres), U.S. Pacific Northwest (308,000 acres) and New Zealand (412,000 acres). On June 30, 2025, the company completed the previously announced sale of the entirety of its New Zealand assets. More information is available at About TRG Founded in 2002, TRG is an investment management firm specializing in emerging markets and real assets. Headquartered in New York, the firm is comprised of ~150 professionals based in 16 countries across North and South America, Europe, the Middle East, Africa, India, Southeast Asia, and Oceania. TRG Forestry & Agriculture (formerly the business of GMO Renewable Resources) is comprised of a seasoned team of land investment professionals and is dedicated to the acquisition and management of diversified portfolios of timberland and/or farmland for the benefit of its clients. Employing a value-oriented approach, TRG seeks to invest in assets at prices reflecting biological yield potential. The team focuses on properties in lower-risk geographies where commercial forestry and agriculture are well-developed and good title, high-quality management, and adequate infrastructure are available. For more information, please visit Forward-Looking Statements – Certain statements in this press release regarding anticipated financial and other benefits of Rayonier's business strategies, including the sale of the entities holding its interest in the New Zealand joint venture, the anticipated use of proceeds, and other similar statements relating to Rayonier's future events, developments or financial or operational performance or results, are 'forward-looking statements' made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as 'may,' 'will,' 'should,' 'expect,' 'estimate,' 'believe,' 'intend,' 'project,' 'anticipate' and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. The following important factors, among others, could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document: Rayonier's ability to realize the anticipated benefits from the sale, the cyclical and competitive nature of the industries in which Rayonier operates; fluctuations in demand for, or supply of, Rayonier's forest products and real estate offerings, including any downturn in the housing market; entry of new competitors into Rayonier's markets; changes in global economic conditions and world events, including the war in Ukraine and heightened tensions in the Middle East; business disruptions arising from public health crises and outbreaks of communicable diseases; fluctuations in demand for Rayonier's products in Asia, and especially China; the uncertainties of potential impacts of climate-related initiatives; the cost and availability of third party logging, trucking and ocean freight services; the geographic concentration of a significant portion of Rayonier's timberland; Rayonier's ability to identify, finance and complete acquisitions; changes in environmental laws and regulations regarding timber harvesting, delineation of wetlands, and endangered species, that may restrict or adversely impact Rayonier's ability to conduct its business, or increase the cost of doing so; adverse weather conditions, natural disasters and other catastrophic events such as hurricanes, wind storms and wildfires, which can adversely affect Rayonier's timberlands and the production, distribution and availability of its products; interest rate and currency movements; Rayonier's capacity to incur additional debt; changes in tariffs, taxes or treaties relating to the import and export of Rayonier's products or those of its customers and competitors; changes in key management and personnel; Rayonier's ability to meet all necessary legal requirements to continue to qualify as a real estate investment trust ('REIT') and changes in tax laws that could adversely affect beneficial tax treatment; the cyclical nature of the real estate business generally; the lengthy, uncertain and costly process associated with the ownership, entitlement and development of real estate, especially in Florida and Washington, which also may be affected by changes in law, policy and political factors beyond Rayonier's control; unexpected delays in the entry into or closing of real estate transactions; changes in environmental laws and regulations that may restrict or adversely impact Rayonier's ability to sell or develop properties; the timing of construction and availability of public infrastructure; and the availability and cost of financing for real estate development and mortgage loans. For additional factors that could impact future results, please see Item 1A - Risk Factors in Rayonier's most recent Annual Report on Form 10-K and similar discussion included in other reports that we subsequently file with the Securities and Exchange Commission (the 'SEC'). Forward-looking statements are only as of the date they are made, and Rayonier undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures Rayonier makes on related subjects in its subsequent reports filed with the SEC. *Non-GAAP Financial Measures – To supplement Rayonier's financial statements presented in accordance with generally accepted accounting principles in the United States ('GAAP'), Rayonier has presented certain forward-looking non-GAAP measures, including 'cash available for distribution.' This non-GAAP financial measure is derived by excluding certain capital spending (excluding timberland acquisitions and real estate development investments) and work capital and other balance sheet changes from cash provided by operating activities. The determination of the amounts that are excluded from this non-GAAP financial measure is a matter of management judgment and depends upon a number of factors in reliance on the exception provided by item 10(e)(1)(i)(B) of Regulation S-K. Rayonier is unable to present a quantitative reconciliation of this forward-looking non-GAAP financial measure to its most directly comparable forward-looking GAAP financial measure because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measure without unreasonable effort or expense. In addition, Rayonier believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors. This non-GAAP financial measure is a preliminary estimate and is subject to risks and uncertainties. Rayonier's definition of this non-GAAP measure may differ from any similarly titled measure used by others. This non-GAAP measure should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.
Business Recorder
23-06-2025
- Business
- Business Recorder
TRG takeover battle: Zia Chishti lands favourable SHC ruling amid mounting financial pressure
The saga over the battle for control of Pakistan Stock Exchange (PSX) listed technology leader, TRG Pakistan Limited, took a new twist with an order by the Sindh High Court on a company petition filed by the company's former CEO, Zia Chishti, challenging the tender announced in January 2025 by the company's largest shareholder, Bermuda based Greentree Holdings Limited. The tender was to remit up to $53 million to Pakistani shareholders of TRG Pakistan, and had been placed on hold pending the hearing of the petition. SHC restrains Zia Chishti, wife from transferring shares of TRG Pakistan: notice The judge ruled that the company violated Section 286 of the Companies Act relating to shareholder oppression and that such oppression took place with the purchase of shares of TRG Pakistan Limited by Greentree Holdings. The judge has ordered the abatement of the Greentree Holdings tender, the conversion of the shares held by Greentree Holdings into treasury shares of TRG Pakistan and the holding of Company elections. A successful completion of the tender would have accorded control of the company to Greentree Holdings, in addition to providing an exit to company shareholders. In a notice to the PSX issued today, the company has stated that the judge's order contains 'various irregularities and infirmities' and is 'assessing legal options, including challenging the decision by filing an appeal before the Honourable Supreme Court of Pakistan'. Market analysts believe that the company will appeal the ruling. Market observers expressed disappointment at the ruling of the Sindh High Court, as the tender provided shareholders an opportunity to lock in a near 40% premium to the current share price. The company's share price responded negatively to the news of the ruling, dropping 12% on the prospect of a lack of clarity on the company's future. Since late 2021, the company has been mired in a takeover battle between Chishti and his allies and the current management of TRG. Chishti resigned as CEO of the company following disclosure in US Congressional testimony of an arbitration award against him for sexual harassment and assault of an ex-employee, in which he had to pay the former employee over $5 million in damages. TRG's management has held that any association of Chishti with the company would be fatally damaging to the Company's assets given his reputation. Since his exit from the company, Chishti has filed several defamation suits relating to his sexual misconduct award. US arbitrator orders Zia Chishti to pay $9.1mn to TRG International In the United States, he sued the former employee for defamation but was dismissed by a US judge. In the United Kingdom, Chishti sued The Telegraph for carrying an article that he deemed defamatory, and settled with the newspaper in March 2025 with The Telegraph providing an apology. Meanwhile, in Pakistan, Chishti sued the board and management of TRG for defamation for referring to his arbitration award in court filings; those proceedings have been suspended by order of the Supreme Court. Chishti's court victory comes against the backdrop of severe creditor pressure on him. In January 2025, he lost an arbitration filed against him by TRG International for pledging his shares in TRG Pakistan for a loan extended to him by JS Bank, apparently for the purpose of building up his shareholding in the Company. In its notice today, TRG has informed that this arbitration award, which included a $9 million payment order against him, has been confirmed for collection by a United States Federal judge. In addition, in January 2025, Chishti defaulted on the above-mentioned Rs3 billion loan from JS Bank, which has attempted to seize his shares in the Company as collateral but has been prevented from doing so by several stay orders relating to the arbitration award enforcement. Chishti's financial woes are further complicated by the recent disclosure of a tax lien of $10 million placed on Chishti's assets by the United States Internal Revenue Service, for unpaid United States federal taxes. Industry observers have expressed dismay at the continuing upheaval within the country's leading technology player, especially since the tender was set to provide clarity to the future of the company. With the recent ruling, the battle seems likely to continue.
Yahoo
05-06-2025
- Automotive
- Yahoo
KIOTI Names TRG Agency of Record
Independent Dallas-Based Agency to Lead Integrated Efforts for Brand Growth DALLAS, June 5, 2025 /PRNewswire/ -- KIOTI, a global leader in tractors and power equipment, has named TRG its advertising agency responsible for creative, media, and brand strategy. KIOTI is part of Daedong-USA, the U.S. subsidiary of the Daedong Corporation. "We look forward to our next chapter of marketing with TRG, chosen for their strategic thinking, standout creative, and innovative approach – all hallmarks of our history, culture, and commitment to excellence," said Ryan Kim, deputy CEO and executive vice president of KIOTI Tractor. The KIOTI brand has been known within the agricultural and land maintenance industry since its first compact tractor was introduced to the U.S. in the mid-1980s, and it intends to continue growing in the U.S. and abroad. KIOTI's current "We dig dirt" campaign launched in August 2019. "We're proud to partner with KIOTI at a pivotal moment in the brand's growth," said Zac Pritchett, TRG principal and chief development officer. "With a bold story and a strong foundation, KIOTI is poised to boost recognition and reach. Together, we're ready to build lasting impact for the brand – felt far beyond the field and remembered when it matters most." Nearing their 40-year anniversary, KIOTI recently launched the industry's first subcompact tractor with a cab – a major milestone for the brand and the industry. They also launched into the compact construction space in late 2023. The first campaign of the partnership with TRG is expected to launch later this year. About TRGFounded in 1976, TRG has a five-decade winning streak of building iconic brands. Orkin. Chick-fil-A. Ram. Motel 6. Charles Schwab. The Home Depot. Our greatest successes are tied to some of America's most memorable stories, while our own story is one of results, respect, and award-winning work. We consider ourselves more than marketers – we're in the memory-making business. More than activations and ads, more than media plans, TRG creates long-lasting memories in the minds of consumers that, overnight and over time, move markets. Fiercely independent since our founding, we push ourselves daily, bravely, and freely without distant boards or outside agendas. Find or follow the agency @TRG or @TRGCreativity. About KIOTIFor more than 35 years, KIOTI Tractor has been a trusted supplier of tractors, ranging from 22 to 115 horsepower, in the U.S. and Canadian markets. Their comprehensive product line includes tractors, utility vehicles, residential and commercial zero-turn mowers, and compact construction equipment. Headquartered in Wendell, NC, with additional distribution centers in Texas and Canada, KIOTI's vertical integration strategy ensures high-quality products and seamless component integration. Their customers benefit from a vast and ever-expanding dealer network throughout North America, dedicated to providing exceptional customer service. View original content to download multimedia: SOURCE TRG Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
