April 01, 2024 (MLN): The shareholders of Treet Corporation Limited (PSX: TREET) have authorized the company to divest 11.3343% of the paid-up share capital of Treet Battery Limited (PSX: TBL) through the sale of TBL shares on the open market (via the Pakistan Stock Exchange), as revealed in the company's filing on PSX today.
The shares would be sold at the share price of TBL shares on the date of sale or through a Negotiated Deal Mechanism, at a price that may be deemed appropriate by the management of TREET.
The divestment may occur either in one lot or multiple lots as deemed fit by the management.
Moreover, the said resolution shall be valid for one year starting from the date of approval by the shareholders.
Accordingly, the members have jointly and severally empowered the Chief Executive Officer, Chief Financial Officer and Company Secretary to undertake the decision of the said divestment as and when required and to take all steps and actions necessary for implementing the aforesaid resolution.
It is crucial to note that TBL is a subsidiary company of TREET and was formed as a result of the de-merger/ bifurcation of the Battery division of First Treet Manufacturing Modaraba (FTMM), a listed modaraba on the exchange.
