FTMM files petition after shareholder consent

MG News | February 03, 2025 at 11:26 AM GMT+05:00

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February 03, 2025 (MLN): First Treet Manufacturing Modaraba (PSX: FTMM) has taken a step based on a special resolution passed by its shareholders during the Annual General Meeting held on October 28, 2024.

Following the directions from the Modaraba Division of the Securities and Exchange Commission of Pakistan (SECP), the company has filed a petition with the Honorable Lahore High Court.

The petition is specifically requesting a reduction of its paid-up capital, the company's filing on PSX revealed today.

This action is part of FTMM's ongoing efforts to adjust its capital structure to better meet its operational and financial needs.

The company emphasizes that the reduction process is being carried out in full compliance with all applicable rules and regulations.

Further updates regarding the progress and outcome of the petition will be shared with shareholders and the market at an appropriate time.

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