Karachi: Millat Tractors Limited (MTL) has announced a change in the face value of its shares, reducing it from PKR 10 to PKR 5. This decision, reported on June 12, 2026, will take effect following a Book Closure on Saturday, June 20, 2026, as per the letter dated June 12, 2026, notified through the Pakistan Stock Exchange (PSX) website.

In light of the stock split, trading in MTL shares will operate under a modified settlement cycle of T+0 for Friday, June 19, 2026. This adjustment allows for same-day settlement due to the stock split. Normal settlement procedures, T+1, will resume on Monday, June 22, 2026, with prices adjusted accordingly.

MTL shares, being DFC eligible, have specific trading and settlement schedules. Contracts for June, July, and August, opened on March 30, April 27, and June 1, 2026, respectively, will close on June 17, 2026, and settle on June 18, 2026. Meanwhile, contracts without entitlement will open on June 15, 2026, with varied closing and settlement dates extending into August.

Trades in JUNB, JULB, and AUGB contracts will proceed on an ex-benefit basis, not eligible for entitlement. An overlapping trading period exists from June 15 to June 17, 2026. MTL, also a CSF eligible security, will see trading under non-standardized contracts starting June 22, 2026, with no alteration in the trading and settlement schedule.

On June 22, 2026, the opening price of MTL shares will be halved from the closing price on June 19, 2026. Simultaneously, the total number of shares will double from 199.52 million to 399.03 million, maintaining the company's paid-up capital. According to information available from the Pakistan Stock Exchange (PSX), this strategic move aims to enhance share liquidity in the market.

This announcement is crucial for market participants within the designated market category, ensuring they are informed of the changes and their implications on trading activities.