Treet Corporation board greenlights Dubai subsidiary launch
MG News | June 06, 2024 at 11:02 AM GMT+05:00
June 06, 2024 (MLN): The Board of Directors (BoD) of Treet Corporation Limited (PSX: TREET) has approved the establishment of a wholly owned subsidiary, Treet Trading LLC in the Dubai Economic Development Zone (DED), Mainland, UAE, and all requisite legal procedures pertaining to incorporation of the said entity is currently underway.
The wholly owned subsidiary is expected to be registered soon and the update thereof shall be duly communicated to all concerned.
Now, therefore, an initial capital injection of $100,000 will be made for the issuance of 100,000 shares at USD 1 each. The Board has recommended the approval of the same to the shareholders.
Additionally, the Board has also recommended to the shareholders, the approval of a cross-corporate guarantee up to Rs1.5 billion for Loads Limited, an associated company.
This guarantee will support working capital facilities from DFIs, FIs, and Banks.
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