Treet Corporation approves Rs3bn loan to FTMM

MG News | November 24, 2021 at 03:09 PM GMT+05:00

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November 24, 2021 (MLN): The shareholders of Treet Corporation Limited (TREET) have resolved to give a loan of up to Rs 3bn to First Treet Manufacturing Modaraba ("FTMM"), being an associated undertaking, in the form of a working capital loan, for a period of one year, a company filing on the PSX showed.

TREET holds a major shareholding in FTMM. In March 2021, the Security and Exchange Commission of Pakistan (SECP) had given no objection to converting the financing of Rs 6.879 billion by Treet Corporation to First Treet manufacturing Modaraba (FTMM) into equity.

In addition, shareholders also approved a loan up to Rs100mn to Renacon Pharma Limited ("RPL"), being an associated company, in the form of a working capital loan, for a period of one year starting from the date of approval by shareholders.

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