TRG Pakistan

TRG Pakistan Limited, originally known as The Resource Group, is a Pakistani investment holding company headquartered in Karachi. Rather than operating primarily as a consumer-facing product brand, it provides an investment vehicle through which shareholders gain exposure to businesses in business-process outsourcing, customer experience, telecommunications, and technology. Its portfolio has historically included call-center operators, customer-care providers, and technology companies serving enterprise clients in North America and other international markets. The company was founded in 2003 by Hasnain Aslam, Zia Chishti, and Mohammed Khaishgi. Its early operating platform was built around the former Pakistani back-office operation associated with Align Technology, the company behind Invisalign, after Chishti left Align. TRG initially pursued a strategy of combining Pakistani operating capabilities with acquisitions and investments in overseas customer-contact businesses. It became publicly listed on the Karachi Stock Exchange in July 2003, shortly after formation. During its first years, TRG expanded through stakes and acquisitions involving call-center and customer-service businesses. It invested in Alert Communications, acquired a minority interest in Centratel in Oregon, and purchased iSKY, a customer-care and marketing-services provider with operations in North America and Europe. A subsidiary, Alert Communications, also acquired DCS, a South Dakota call-center operator. In 2005, TRG made an early investment in Afiniti, a software company developing artificial-intelligence applications for contact centers. By the 2010s, TRG had increasingly reorganized as an investment holding company. Its international assets were held principally through TRG International Limited, a Bermuda-incorporated vehicle. This structure provided exposure to portfolio companies including Afiniti and Ibex, while TRG Pakistan itself functioned as the listed parent-level investment entity. In 2020, Ibex became publicly traded on Nasdaq, creating an important public-market reference point for part of TRG's portfolio. The company has also experienced substantial governance and legal controversy. In 2021, co-founder Zia Chishti resigned from his positions at Afiniti after allegations of sexual misconduct were raised during testimony to a United States congressional committee. He subsequently left his positions at TRG and affiliated entities. Later in 2021, Mohammed Khaishgi became chief executive of TRG International and Hasnain Aslam became chief executive of TRG Pakistan. The company's principal economic exposure is through its interest in TRG International and the international businesses held by that entity. The portfolio has been described as centered on Ibex, a Nasdaq-listed business-process outsourcing and customer-experience technology company, and Afiniti, a privately held artificial-intelligence software company focused on contact-center optimization. Ownership percentages and portfolio valuations can change over time and should therefore be read as time-specific rather than permanent characteristics. TRG Pakistan is best understood as a listed technology- and services-focused investment platform, not as a conventional operating brand with a standardized range of retail products. Its identity is tied to capital allocation, portfolio management, and the development or ownership of technology-enabled service companies serving global enterprise markets.

TRG Pakistan was established in 2003 by Hasnain Aslam, Zia Chishti, and Mohammed Khaishgi. The founders sought to build an international outsourcing and technology investment business using Pakistan-based operating capabilities and overseas acquisitions. The initial platform drew on the former Pakistani back-office operation associated with Align Technology after Chishti's departure from that company. The company entered Pakistan's public market in July 2003 through a Karachi Stock Exchange initial public offering. Its early strategy combined direct operating activity with investments in customer-contact businesses. In November 2003, TRG acquired a 40 percent interest in Centratel LLC, an Oregon provider of call-center and telephone-answering services. It had also invested in Alert Communications, a Los Angeles-based customer-care company. In 2004, TRG acquired iSKY, which provided customer-care and marketing services in North America and Europe. Alert Communications subsequently acquired DCS, a South Dakota call-center operator. TRG broadened its technology exposure in 2005 with a seed investment in Afiniti, a Washington, D.C.-based software company developing artificial intelligence for customer-contact centers. In October 2007, TRG sold its interest in Central Voice LLC to Endicott Communications for $1.75 million. This was one of the disclosed realizations from its early portfolio of voice and call-center assets. During the 2010s, TRG increasingly adopted the structure of an investment holding company rather than a single integrated outsourcing operator. Its international investments were principally held through TRG International Limited, an offshore vehicle that became associated with portfolio companies such as Afiniti, Ibex, and eTelequote. This arrangement made TRG Pakistan's performance dependent on the value, financing, governance, and operating results of companies in which it often held indirect or non-controlling interests. A major portfolio development occurred in 2020, when Ibex completed a listing on Nasdaq. Ibex is a business-process outsourcing and customer-experience technology company, and its public listing provided a market-listed reference for a significant part of the broader TRG portfolio. Afiniti remained a private artificial-intelligence software business focused on optimizing contact-center interactions. Corporate governance became a significant issue in 2021. Zia Chishti, one of TRG's co-founders, resigned from Afiniti after allegations of sexual misconduct were raised during testimony to the United States House Committee on the Judiciary. He subsequently left positions at TRG and related entities. In December 2021, TRG Pakistan and TRG International appointed Hasnain Aslam as chief executive of TRG Pakistan and Mohammed Khaishgi as chief executive of TRG International. Both had reportedly managed substantial portions of the operating portfolio since 2016. The company later became involved in a dispute over ownership and control. In June 2025, the Sindh High Court issued a judgment concerning the affairs of TRG Pakistan and a disputed shareholding acquired by Greentree Holdings. The court found that the acquisition had been financed using funds originating from TRG Pakistan and concluded that the arrangement contravened the relevant provision of Pakistan's Companies Act, 2017. It declared the disputed shareholding invalid, rejected the proposed tender offer, and ordered immediate board elections. In May 2026, the Supreme Court of Pakistan dismissed appeals relating to the judgment, leaving the Sindh High Court's rulings in place pending detailed reasons. TRG Pakistan's present identity is therefore that of a listed investment holding company with international technology and services exposure. Its principal portfolio relationships have centered on TRG International, Ibex, and Afiniti, while its corporate history reflects the movement from direct call-center operations toward portfolio ownership and capital allocation.

• 2026

  Supreme Court appeal outcome

  [1]TRG Pakistanen.wikipedia.org

  The Supreme Court of Pakistan dismissed appeals connected with the Sindh High Court judgment.

• 2025

  Sindh High Court judgment

  [1]TRG Pakistanen.wikipedia.org

  The Sindh High Court ruled on a disputed shareholding and governance case involving TRG Pakistan and Greentree Holdings.

• 2021

  Leadership transition

  [1]TRG Pakistanen.wikipedia.org

  Following Zia Chishti's departure, Hasnain Aslam became chief executive of TRG Pakistan and Mohammed Khaishgi became chief executive of TRG International.

• 2020

  Ibex lists on Nasdaq

  [1]TRG Pakistanen.wikipedia.org

  Ibex, one of the broader portfolio's operating companies, became listed on Nasdaq.

• 2007

  Sale of Central Voice interest

  [1]TRG Pakistanen.wikipedia.org

  TRG sold its interest in Central Voice LLC to Endicott Communications.

• 2005

  Seed investment in Afiniti

  [1]TRG Pakistanen.wikipedia.org

  TRG invested at seed stage in Afiniti, an artificial-intelligence software company serving contact centers.

• 2004

  Acquisition of iSKY

  [1]TRG Pakistanen.wikipedia.org

  TRG acquired iSKY, a customer-care and marketing-services provider operating in North America and Europe.

• 2003

  TRG Pakistan is founded

  [1]TRG Pakistanen.wikipedia.org

  Hasnain Aslam, Zia Chishti, and Mohammed Khaishgi founded The Resource Group, later known as TRG Pakistan.

• 2003

  Initial public offering and Centratel investment

  [1]TRG Pakistanen.wikipedia.org

  TRG was listed on the Karachi Stock Exchange and later acquired a 40 percent interest in Centratel LLC, an Oregon call-center and telephone-answering provider.

A Pakistan-listed investment platform focused on internationally oriented technology-enabled services, business-process outsourcing, customer experience, and artificial intelligence.

• Investment holding

  TRG International portfolio

  TRG Pakistan's principal investment exposure is organized through TRG International Limited, which has held equity positions in international business-process outsourcing, customer-experience, telecommunications, and technology companies. The structure makes TRG Pakistan a portfolio owner rather than a conventional provider of one standardized service.

• Business-process outsourcing and customer experience

  Ibex

  Ibex is a technology-enabled business-process outsourcing and customer-experience company associated with TRG's international portfolio. It serves enterprise customers through customer care, digital operations, and related technology-enabled services, and became publicly listed on Nasdaq in 2020.

• Artificial-intelligence software · 2005

  Afiniti

  Afiniti is a privately held software company focused on applying artificial intelligence to customer-contact operations. TRG made an early seed investment in the company, which became one of the most prominent technology assets associated with the wider TRG portfolio.

• 2025

  Sindh High Court governance and shareholding judgment

  The Sindh High Court found that aspects of TRG Pakistan's affairs were unlawful, fraudulent, and oppressive in connection with a disputed Greentree Holdings share acquisition. The court declared the shareholding invalid and ordered board elections.

  Source

• 2021

  Zia Chishti sexual-misconduct allegations and departure

  TRG co-founder Zia Chishti resigned from Afiniti after sexual-misconduct allegations were raised in testimony before the United States House Committee on the Judiciary. He later stepped down from positions at TRG and affiliated entities.

  Source

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• 2021

  Post-Chishti leadership appointmentsOther

  Background

  Zia Chishti left TRG-related positions after allegations concerning his conduct.

  Action taken

  Hasnain Aslam was appointed chief executive of TRG Pakistan and Mohammed Khaishgi was appointed chief executive of TRG International.

  Aftermath

  Operational and holding-company leadership was transferred to two other co-founders.

  Source

• 2010

  Reorganization as an investment holding companyStrategy

  Background

  TRG's business evolved from direct call-center operations toward ownership of a diversified international portfolio.

  Action taken

  The international assets were reorganized principally under TRG International Limited.

  Aftermath

  TRG Pakistan became more dependent on the performance and value of portfolio companies, including Afiniti and Ibex.

  Source

• 2003

  Public listing and cross-border outsourcing strategyStrategy

  Background

  TRG sought to combine Pakistani operating capabilities with international customer-contact investments.

  Action taken

  The company completed a Karachi Stock Exchange listing and pursued overseas call-center investments.

  Aftermath

  The move established the capital-market and international-investment foundations of the business.

  Source

1. 1TRG Pakistanen.wikipedia.org