Treet Corporation Limited (PSX: TREET) has completed divestment of 11.3343 percent of shares in Treet Battery Limited (TBL).
In a notice to the Pakistan Stock Exchange (PSX), TREET announced the successful liquidation of 99,977,721 shares as on November 30, 2024. Following this divestment, the company’s shareholding in TBL now stands at 85.76 percent of its paid-up capital.
Furthermore, the Board reviewed and approved a proposal from TBL to convert a portion of its inter- company loan and accumulated interest into equity through further issuance of shares without rights issue. TBL has requested the conversion of Rs. 2,003,166,300.
This conversion is expected to result in issuance of 200,316,630 new TBL shares to the company at a price of Rs. 10 per share, subject to approval of Securities and Exchange Commission of Pakistan (SECP). This initiative is aimed at optimizing TBL’s financial position and strengthening the Company’s equity returns, it said.
Second Divestment Phase
The notice said that to further reduce the company’s borrowing levels and enhance shareholder value through a reduction in borrowing costs, the Board has approval a second phase of divestment.
This phase will involve reducing the company’s shareholding in TBL by up to 231,639,658 ordinary shares of TBL, subject to market conditions and strategic considerations, either in the open market 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.
These measures underscore the company’s strategic commitment to enhancing its financial structure and delivering sustained value to its shareholders, the notice said.
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