October 21, 2020 (MLN): Treet Corporation Limited has decided to exit the education sector.
In this regard, the Company has signed a Memorandum of Understanding (MOU) with an interested party on October 20, 2020 for, inter alia, sale of 100 % shares of its subsidiary Global Arts Limited and transfer of control thereof.
Subsequent to signing of the MOU, the interested party shall undertake due-diligence and if satisfied a formal Sale and Purchase Agreement will be executed.
Necessary approvals required to give effect to the exit from the education sector, including proposed sale of shares of GAL shall by sought from the shareholders during the upcoming Annual General Meeting to be held on October 31, 2020. Relevant Special Resolution can be found in the AGM Notice.
The company further informed their Shareholders that the proceeds of proposed sale of GAL shall be primarily used to reduce the Company's borrowing from financial institutions.
The Company also informed that the proposed sale shall have no effect on the performance, functionality, faculty, curriculum and students of IAC.
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