TREET to extend working capital loan worth Rs3bn to FTMM

MG News | June 03, 2022 at 03:29 PM GMT+05:00

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June 03, 2022 (MLN): The Board of Directors (BoD) of Treet Corporation Limited (PSX: TREET) on Friday recommended to extend a working capital loan of Rs3 billion to First Treet Manufacturing Modaraba (FTMM), the company filing on PSX showed today.

The aforesaid recommendation is subject to the approval of shareholders. Moreover, the loan shall stand effectively transferred to Treet Battery Limited (TBL) in terms of the Scheme if and when the Scheme is sanctioned by the Honourable Court.

The BoD has also decided to hold the Extraordinary General Meeting (EoGM) on Tuesday, June 28, 2022, at 10:00 AM to consider the aforesaid special business.

The stock of TREET is currently trading at Rs28.25, down by 98 paisa or 3.35% DoD

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