In a notification sent to the PSX on 05/03/2024. Treet Corporation Limited (TREET) is ready to sell some of its stake in its subsidiary Treet Battery Limited (TBL).
The company’s board announced that it plans to sell an 11.334% stake in TBL by way of the sale of shares in the open market. A reminder here that Treet Battery was recently listed on the PSX at the price of Rs. 10 per share. Its share price rose as high as Rs. 63.92 since listing. This extraordinary rise in share price was also questioned by the PSX and TBL responded by denying any knowledge as to why the share price rose that high.
The 11.334% stake in TBL will either be sold at the market price on the day of the sale, or through a Negotiated Deals Market(NDM) transaction at a price deemed suitable by the management.
TREET shares were last trading at Rs. 18.24 at market close while TBL shares closed at Rs. 44.96 per share.
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