Treet Corporation board greenlights Dubai subsidiary launch

MG News | June 06, 2024 at 11:02 AM GMT+05:00

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	138,597.36 256.32M	-0.05% -68.14
ALLSHR	85,286.16 608.38M	-0.48% -413.35
KSE30	42,340.81 77.13M	-0.03% -12.33
KMI30	193,554.51 76.19M	-0.83% -1627.52
KMIALLSHR	55,946.05 305.11M	-0.79% -443.10
BKTi	38,197.97 16.53M	-0.59% -225.01
OGTi	27,457.35 6.73M	-0.94% -260.91

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	117,670.00	121,165.00 117,035.00	-1620.00 -1.36%
BRENT CRUDE	69.23	70.77 69.14	-0.29 -0.42%
RICHARDS BAY COAL MONTHLY	96.50	0.00 0.00	2.20 2.33%
ROTTERDAM COAL MONTHLY	104.50	104.50 104.50	-0.30 -0.29%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	66.03	67.54 65.93	-0.20 -0.30%
SUGAR #11 WORLD	16.79	17.02 16.71	0.05 0.30%