TREET approves additional Rs3bn loan to FTMM
MG News | June 28, 2022 at 03:20 PM GMT+05:00
June 28, 2022 (MLN): The shareholders of Treet Corporation Limited (TREET) on Tuesday resolved to give an additional loan of Rs3 billion in addition to the already sanctioned loan to First Treet Manufacturing Modaraba (FTMM), being an associated undertaking, in the form of a working capital loan for a period of one year, the company filing on PSX showed today.
The loan shall stand transferred to Treet Battery Limited (TBL) if and when the Scheme of Arrangement for separation and transfer of the Treet Battery Project from FTMM to TBL is sanctioned by the Honorable Lahore High Court.
The aforesaid development is subject to compliance with all statutory and legal requirements.
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