FTMM files merger petition in Lahore High Court

October 23, 2026 (MLN): A merger petition for sanction of the scheme of arrangement between First Treet Manufacturing Modaraba (PSX: FTMM) and Treet Packaging Limited (TPL) was filed on October 22, 2026, before the Lahore High Court.

The petition follows the no-objection certificate (NOC) that FTMM received from the Securities and Exchange Commission of Pakistan (SECP) on the scheme earlier this month. The company will keep the Pakistan Stock Exchange (PSX), SECP, certificate holders and all stakeholders updated on further developments.

The aforementioned information was sent to the Exchange through a notification.

Earlier, on September 08, 2026, the Registrar Modaraba of SECP had conveyed its no-objection for the merger of FTMM into TPL through the scheme of arrangement. The NOC was subject to fulfillment of the conditions specified in the SECP letter, and came in continuation of the company’s earlier notification dated October 15, 2025, on the proposed corporate restructuring.

In October 2025, FTMM had approved the initiation of a corporate restructuring plan to convert the Modaraba into a Public Limited Company through a merger with and into a newly incorporated company.

The transaction was subject to all necessary corporate and regulatory approvals, including clearances from SECP, PSX, Registrar Modaraba Companies, Competition Commission of Pakistan (CCP) (where applicable), the Lahore High Court, and the approval of certificate holders and creditors, where required under law.

The company had stated that the rights and interests of its certificate holders would remain fully protected throughout the restructuring process. Approval from certificate holders and shareholders was to be sought through court-directed meetings once the scheme was finalized and approved by the Board.

The proposed merger was also expected to have no immediate impact on FTMM’s financial position, daily operations, or obligations to its lenders, creditors, employees, and commercial counterparties, which would continue uninterrupted during the restructuring.

Copyright Mettis Link News