TREET seeks NOC from PSX for release of right subscription funds

MG News | January 12, 2024 at 05:32 PM GMT+05:00

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January 12, 2024 (MLN): Treet Corporation Limited (PSX: TREET) has requested the Pakistan Stock Exchange (PSX) to issue a No Objection Certificate (NOC) for the release of its right subscription amount, the company's latest notice issued to PSX revealed.

The NOC is sought in the name of Habib Bank Limited, the Bank of Punjab, and Central Depositary Company of Pakistan Limited.

The company has confirmed that 192.307 million right shares of TREET have been fully subscribed, with their details as follows:

Description	No. of Right Shares Amount (PKR) Subscribed	Amount (PKR)
Total size of the right issue	192,307,692	2,499,999,996
Directors and Sponsors	86,236,042	1,121,068,546
General Public	101,007,392	1,313,096,096
Allocation of Unsubscribed Portion	101,007,392	65,835,354

Moreover, the Board of Directors (BoD) of the company through Circularization dated December 29, 2023, approved the aforementioned unsubscribed portion of the right issue.

The notice further contained a certificate from our statutory auditors confirming the receipt of full subscription money amounting to Rs2.5 billion against the issue of right shares.

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