PPI Original Text (PPI-OT) – Treet Corporation Limited’s approval to issue, circulate and publish prospectus for the issue of participation term certificates (ptc) of rs.1,254.667 million under section 57 (1) read with section 65 of the companies ordinance, 1984

Related Articles

Board of directors meeting of Netsol Technologies Limited (03-09-2019)

September 3, 2019

Price Fluctuation in Landmark Spinning Industries Limited

February 2, 2017

Karachi, June 01, 2012 (PPI-OT): We are pleased to inform you that Securities and Exchange Commission of Pakistan has accorded their approval vide letter No. SMD/Co.57 (1)/04/2011 (copy enclosed) to issue, circulate Prospectus for the issue of Rated, Listed, Secured, Convertible and Redeemable Participation Term Certificates (PTC) to be offered to the existing shareholders of the Company through Offer Letter and procedure of Right Issue devised by Stock Exchanges and CDC will be followed.

Please further note that book closure date for the entitlement of PTC and tentative schedule for the trading and subscription shall be announced in due course of time.

Annexure – 1
Conditions to Issue of Circulate and Publish Prospectus for the Issue of Participation Term
Certificates by Treet Corporation Limited (the Company)

A. Special Conditions:

(i) The Company shall fill in all the blank spaces in the Prospectus before printing and circulation;

(ii) The Company shall provide copy of the clearance letters from LSE and ISE, as the clearance letters obtained from LSE andISE and submitted to SECP have expired.

(iii) The Company shall ensure that copy of the prospectus is available on its website in downloadable format.

(iv) The Company shall provide copy of the prospectus to the prospective investor upon request; and

(v) The Company shall provide sufficient number of copies of the prospectus to all the three stock exchanges for distribution to their members.

B. Standard Conditions:

(i) This approval shall in no way absolve the directors, auditors and consultants from their responsibilities regarding the contents of the Prospectus and statements made therein.

(ii) The contents of the Prospectus shall not be started without prior written approval of the Commission except for the dates to be obtained from the exchanges for offer of ROA, renouncement, subscription etc.

(iii) Subject to the relevant provisions of the Companies Ordinance, 1984, if the Prospectus is not circulated within sixty days of this approval, its contents shall be updated and got cleared from the Commission a fresh.

(iv) Ten copies of the printed Prospectus shall be submitted to the Commission within four days of its printing for verification and record.

(v) The Company shall furnish soft copy of the Prospectus, on a Compact Disk (CD) at least 04 days before its circulations.

(vi) A report about the issue shall be furnished to the Commission within 45 days of the last date for payment remuneration.

(vii) The Company shall have the PTCs rated on continuous basis till these are completely converted and redeemed and provide copy of the rating report to the Stock Exchange (s) where the instruments is listed, the Trustee and the Commission. The issuer shall not change the Rating Agency without prior written approval of the Commission during hours of PTCs. The PTCs rating should also be disclosed in the accounts of the Company.

(viii) The Company shall provide on regular basis statement regarding the payment of profit/interest on PTCs and redemption of principle among and conversion thereof.

Please refer to the correspondence resting with your letter dated May 11, 2012 and email dated May 31, 2012 on the subject noted above.

2. I have been directed to convey approval of the Securities and Exchange Commission of Pakistan (the Commission) under Section 57 (1) read with Section 65 of the Companies Ordinance, 1984 to issue, circulate and publish prospectus for the issue of Participation Term Certificates of Rs. 1,256,667 Million (i.e. 41,822,250 PTCs of Rs. 30/- each) by Treet Corporation Limited (“the Company”) to its existing shareholders subject to the conditions as per Annexure-I attached herewith and to any other condition (s) that may be imposed thereafter.

3. This approval is valid for a period of sixty (60) days from the date of this sanctions.

For more information, Contact:
Amir M. Khan Afridi
Director (CI)
Treet Corporation Limited
72 – B. Kot Lakhpat Industrial Area,
Lahore, 54770, Pakistan
Tel: +92 (42) – 35830881, 85122296,
Fax: +92 (42) – 35114127, 35836770,
E-mail: info@treetonline.com
URL: www.treetgroup.com