TCL posts growth both in local, exports sales

The domestic (local) and export sales of Treet Corporation Limited (TCL) has witnessed growth in 2019 with its corporation restructuring plan on target, revealed during the Corporate Briefing Program (CBP) of the listed company on Saturday.

Treet Corporation Limited held its Corporate Briefing Program (CBP) at the company's premises on Saturday under the policy of increased communication of listed companies with their shareholders.

In this connection, the detailed CBP session was attended by stakeholders covering a cross section of investors, corporate experts, media teams and analysts. The CBP session was given a detailed briefing by the new Group CFO of Treet, Mohtasim Aftab, which was mainly focused on the published results for 2019. Aftab informed the participants that Treet's flagship entity "Treet Corporation Limited" has posted growth both in local and exports sales. He further added that our Daewoo battery project which was launched under the corporate structure of First Treet Manufacturing Modarba (FTMM) shall be spun off from the FTMM and shall be renamed as a separate company under the name of Treet Battery Limited (TBL). He said that after this de-merger, TBL shall also become a technically listed company because of its separation from a listed entity FTMM. The demerger shall help value creation for the Modarba certificate holders and will also enable the new company to raise fund from the market which may be used to retire its expensive debt, which is hurting the Group's bottom line on the whole.

About another ongoing venture of the Group, Renacon Pharma, the Group CFO explained to the audience that under the company's expansion and diversification plan, the production capacity of Renacon shall be increased by almost ten-fold times. He said that the Company is confident that upon completion, Renacon shall also be able to tap the export potential for its products outside Pakistan.

At the end of the session, investors asked many questions which were satisfactorily responded by the company officials present on the occasion.

It may be mentioned that the holding of at least one CBP session has been made mandatory for every listed company in Pakistan under its CBP guidelines. The purpose of making these sessions as mandatory is to increase the frequency of communication of the listed companies with their shareholders. The session was arranged through The Publicist, a corporate communication firm, which specializes in financial communication and investor relations services.