Treet Corporation Limited (TCL) announced its plan to sell an 11.33% stake in Treet Battery Limited, its subsidiary, through the Pakistan Stock Exchange.
The decision, aimed at divestment, was disclosed in a notice to the Pakistan Stock Exchange on Tuesday, following a resolution passed by TCL’s Board of Directors.
The company, known for its extensive range of shaving razors and blades, stated the sale would occur at the market price of Treet Battery Limited’s shares on the date of sale or through negotiated deals, depending on what the management deems appropriate.
The process may involve selling the shares in one or several lots as decided by the company’s management.
Established in 1977, Treet Corporation Limited boasts a diverse product portfolio with over 75 stock-keeping units (SKUs), including various types of razors marketed domestically and in over 40 countries globally.
With a production capacity of 2.15 billion units annually, TCL is a major player in the industry under the Treet Group umbrella in Pakistan.
The company’s latest financial report indicates a loss of Rs311.86 million for the six-month period ending December 31, 2023, primarily due to high financing costs, which reached Rs1.36 billion.
The divestment move is part of the company’s strategic adjustments in response to its financial challenges.
