Treet Battery Limited (TBL) is poised to make its debut on the Pakistan Stock Exchange Limited (PSX) on December 15, 2023. The opening price for TBL shares has been set at Rs. 10 per share.
The introduction of TBL to the PSX is a result of the de-merger/bifurcation of the Battery Division of First Treet Manufacturing Modaraba (FTMM), a listed Modaraba on the Exchange. The Lahore High Court sanctioned the Scheme of Arrangement leading to this development via an order issued on January 10, 2023.
Under the swap ratio outlined in the Scheme, certificate holders of FTMM have been allocated 0.9984 shares of TBL for every FTMM certificate held. Trading in TBL shares on the PSX Main Board will commence on December 15, 2023, with settlement scheduled on a T+2 basis, starting from December 19, 2023.
The Market Lot for TBL shares will consist of 500 shares, each valued at Rs. 10. The Central Depository Company of Pakistan Limited (CDC) has declared the shares of the Company as eligible securities, and all transactions will be settled through the National Clearing Company of Pakistan Limited (NCCPL), with “TBL” assigned as the Company Code/Security Symbol.
TBL’s shares will be quoted in the “Automobile Parts & Accessories” sector in the daily quotations of the Exchange, as per the PSX notice.
This move marks a significant step for Treet Battery Limited, positioning itself for active trading and engagement within the PSX market.
