Karachi: Treet Corporation Limited has successfully utilized the proceeds from its rights issue, announced on August 3, 2023, to restructure its capital and enhance its operational capabilities. According to the company's progress report, the rights issue involved the allotment of 192,307,692 shares, generating a total of PKR 2.50 billion.

The rights issue, approved by the Board of Directors, was priced at PKR 13 per share, including a premium of PKR 3, and was aimed primarily at repaying debt and realigning the company's capital structure. The allocation for this purpose amounted to PKR 1.90 billion, representing 76% of the total proceeds, and has been fully executed.

Additionally, PKR 370.00 million, or 14.8% of the proceeds, has been directed towards capacity enhancement for razors, with the project currently 70% complete. Another PKR 230.00 million, constituting 9.2% of the proceeds, has been allocated for the development of a new product, the Twin Blade Rubberize Handle, with 90% of the project completed.

According to information available from the Pakistan Stock Exchange (PSX), the company has adhered to the stipulated objectives outlined in the Offer Document dated October 30, 2023. The document detailed the strategic allocation of funds to support Treet Corporation's growth and product diversification efforts.

The progress report, dated March 31, 2025, confirms that Treet Corporation has made no deviations from the stated purposes of the rights issue. The company has effectively managed the allocation of funds to align with its planned financial and operational strategies, as previously communicated to stakeholders.