Treet Battery Limited (TBL) announces its debut on the Pakistan Stock Exchange Limited (PSX) on December 15, 2023. The company will be listed at the opening price of Rs. 10 per share on the PSX Main Board, marking a significant milestone for Treet Battery Limited and its stakeholders.
The listing of TBL on the PSX follows the successful de-merger and bifurcation of the Battery Division of First Treet Manufacturing Modaraba (FTMM), a listed Modaraba on the Exchange. This strategic move was executed through a Scheme of Arrangement sanctioned by the Lahore High Court via Order dated January 10, 2023. The Pakistan Stock Exchange highlighted this development in an official announcement.
Under the terms of the Scheme, the swap ratio reveals that certificate holders of FTMM have been allotted 0.99 shares of TBL against 1 certificate of FTMM, ensuring a fair and transparent transition for all stakeholders involved.
The company will be listed on the main board of the Pakistan Stock Exchange (PSX) with the security symbol of TBL.
TBL looks forward to a successful listing on the PSX, symbolizing a new chapter of growth and prosperity for the Company and its valued investors.