Participation Certificates: First company to launch papers

LAHORE: The Lahore Stock Exchange (LSE) has cleared the draft prospectus of rated, listed, secured, redeemable and convertible participation term certificates (PTC) of Treet Corporation. Treet was the country’s first company to issue PTC under Section 65 of the Companies Ordinance, 1984. PTC will be quoted on ready board and will be traded under Bond Automated Trading System (BATS) regulations of the exchange. Starting operations in Pakistan on January 22, 1977, Treet specialises in the manufacture and sale of razor blades. LSE is the first exchange which provides the opportunity for trading in unpaid offer letters against PTC issue to the company. PTC is going to be issued through right offer to existing shareholders in the ratio of one PTC against one ordinary share held.

Published in The Express Tribune, June 21^st, 2011.