IGI to divest 10 percent stakes in Treet Corp

IGI Insurance Limited is disposing of its 10 percent shareholdings in Treet Corporation, the country's sole manufacturer of shaving blades and razors. According to a KSE notice, the board of directors of the insurance company has adopted a resolution under which it would sell out its shareholding in Treet. The divestment is aimed at raising funds for various investment and business purposes. Haider Raza, IGI's company secretary, told Business Recorder that the company held about 10 percent or more than 10 million shares in Treet.
The sell-off, he said, was expected to fetch more than Rs 5.9 million for IGI to be invested in various projects the company was planning to undertake. The IGI board has authorised its Chief Executive Officer to negotiate and finalise the terms of the sale.