TREET seeks NOC from PSX for release of right subscription funds
MG News | January 12, 2024 at 05:32 PM GMT+05:00
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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