Treet Corporation Limited Authorized to Sell 11.3% Stake in Battery Subsidiary

Shareholders of Treet Corporation Limited (PSX: TREET) have authorized the company to divest 11.3 percent paid-up share capital of subsidiary Treet Battery Limited (TBL), the company informed the main bourse on Monday. The divestment will be set by way of the sale of shares of TBL, in the open market (through the Pakistan Stock Exchange) at the share price of TBL shares as on the date of sale and/or through a Negotiated Deal Mechanism, at a price that may be deemed appropriate by the management of Treet Corporation Limited, either in one lot or multiple lots as deemed fit by the management, the stock filing stated. According to the filing, the said resolution shall be valid for one year starting from the date of approval by the shareholders, and the Chief Executive Officer and/or Chief Financial Officer and/or Company Secretary of the Company have been authorized to undertake the decision of the said divestment as and when required and to take all steps and actions necessary, incidental and ancillary including execution of any and all documents and agreements as may be required in this regard and to do all acts, matters, deeds and things as may be necessary or expedient for the purpose of implementing the aforesaid resolution. The principal activity of TREET is to manufacture and sell razors and razor blades along with other trading activities. At the time of filing, TREET’s scrip at the bourse was Rs. 16.11, down 1.35 percent or Rs. 0.22 with a turnover of 1.47 million shares on Monday. TBL stood at Rs. 38.9 per share, up 0.1 percent or Rs. 0.04 with 194,500 shares.