Shareholders of Treet Corporation Limited (PSX: TREET) have given their nod for the company to divest 11.3 percent of the paid-up share capital of its subsidiary, Treet Battery Limited (TBL). The announcement was made by Treet Corporation Limited in a filing to the main bourse on Monday.
The divestment process will involve the sale of shares of TBL, either through the open market via the Pakistan Stock Exchange or through a Negotiated Deal Mechanism. The sale price of TBL shares will be based on their market value at the time of sale, or as deemed appropriate by the management of Treet Corporation Limited. The shares may be sold in one or multiple lots, depending on the discretion of the management.
As per the filing, the resolution for the divestment is valid for one year from the date of approval by the shareholders. The Chief Executive Officer, Chief Financial Officer, and/or Company Secretary of Treet Corporation Limited have been authorized to execute the decision for divestment as and when required. They are empowered to undertake all necessary steps and actions, including the execution of documents and agreements required for the divestment process.
Treet Corporation Limited primarily engages in the manufacturing and sale of razors and razor blades, along with other trading activities.
As of the filing, the share price of TREET on the stock exchange was Rs. 16.11, experiencing a decline of 1.35 percent or Rs. 0.22, with a turnover of 1.47 million shares on Monday. Meanwhile, TBL shares were priced at Rs. 38.9 per share, witnessing a marginal increase of 0.1 percent or Rs. 0.04, with a trading volume of 194,500 shares.
