Islamabad, Dec 12: The sale of 11.3343 percent of Treet Battery Limited (TBL) shares has been completed by Treet Corporation Limited (PSX: TREET). TREET declared in a notice to the Pakistan Stock Exchange (PSX) that, as of November 30, 2024, 99,977,721 shares had been successfully liquidated. The company’s stake in TBL now represents 85.76 percent of its paid-up capital as a result of this disposal.
Additionally, the Board examined and accepted TBL’s request to issue additional shares without rights issues in order to convert a portion of its intercompany loan and accrued interest into equity. TBL has asked for Rs. 2,003,166,300 to be converted.
Subject to Securities and Exchange Commission of Pakistan (SECP) approval, this conversion is anticipated to result in the issuing of 200,316,630 new TBL shares to the business at a price of Rs. 10 per share. According to the company, the goal of this program is to improve TBL’s financial standing and boost equity returns.
Phase Two of Divestment
According to the notice, the Board has approved a second phase of disposal in order to significantly lower the company’s borrowing levels and increase shareholder value by lowering borrowing costs.
Depending on market conditions and strategic considerations, this phase will entail lowering the company’s stake in TBL by up to 231,639,658 common shares, either through a negotiated deal mechanism or the open market.
at a price that the company’s management may think is suitable, either in a single lot or several lots as the management sees fit.
According to the notice, these actions demonstrate the company’s strategic dedication to strengthening its financial structure and providing long-term value to its shareholders.
