Treet Corporation utilizes 76% of rights issue for debt repayment

By MG News | November 01, 2024 at 05:22 PM GMT+05:00

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November 01, 2024 (MLN): Treet Corporation Limited (PSX: TREET) has utilized 76% of its rights issue amounting to Rs 1.899 billion for the repayment of debt and the realignment of its capital structure.

According to a notice issued by the company to PSX, the Board of Directors on August 03 approved a rights issue of 107.602% at an offer price of Rs13 per share (including a premium of PKR 3 per share).

This issuance included a total of 192,307,692 shares, resulting in an aggregate consideration of Rs2,499,999,996.

Of the total amount, 76% was utilized for debt purposes.

The remaining funds were allocated with 14.8% (Rs370 million) for capacity enhancement of razors and 9.2% (Rs230m) for new product development of the twin blade rubberized handle.

TREET further shared that the capacity enhancement of razors is 65% complete, while the development of the twin blade rubberized handle is 80% complete.

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