Treet Corporation looks to sell 11.33% stake in its battery subsidiary
The Board of Directors (BoD) of Treet Corporation Limited (TCL) has decided to sell 11.33% of its stake in its subsidiary Treet Battery Limited by way of sale of shares in the open market.
The company, engaged in the manufacturing and sale of razors and razor blades along with other trading activities, shared the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“This is to inform you that after much deliberation, the BoD of Treet Corporation Limited, have passed a Board resolution through circulation dated March 5, 2024, to recommend to the shareholders of the company, approval of disinvestment of 11.3343% of the paid-up share capital of Treet Battery Limited, being a subsidiary of the company, by way of sale of shares of TBL, in the open market (through Pakistan Stock Exchange),” read the notice.
The company said that the divestment will be carried out at the share price of TBL shares as of the date of sale, and/or through a negotiated deal mechanism.
“At a price that may be deemed appropriate by the management of the company, either in one lot or multiple lots as deemed fit by the management,” read the notice.
Incorporated in 1977 as a public limited company, Treet Corporation Limited has a product range of over 75 SKUs including shaving razors, body razors, and feminine razors.
The company, besides having a major share in the local market, sells its products to over 40 countries across the globe. Its production plant can produce 2.15 billion units per year. TREET operates under the umbrella of Treet Group in Pakistan.
As per the company’s latest financial results, the company posted a loss of Rs311.86 million for the six months ending December 31, 2023, on account of a high cost of finance, which clocked in at Rs1.36 billion during the period.
Comments