Treet Corporation Approves Establishment of Dubai Subsidiary and Cross Corporate Guarantee

Lahore, Treet Corporation Limited held an Extraordinary General Meeting (EGM) on June 28, 2024, at its premises in the Industrial Area, Kot Lakhpat, Lahore, where shareholders approved significant resolutions including the establishment of a foreign subsidiary and a substantial cross corporate guarantee.

The EGM confirmed the minutes of the previous meeting and moved to address special business items. Shareholders approved the establishment of Treet Trading LLC, a foreign subsidiary to be located in Dubai mainland. This new venture will be subscribed with 100,000 ordinary shares, valued at $1 each. The Board appointed Mr. Muhammad Khurram Iqbal as the Manager to oversee the setup and operations in the UAE, authorizing him to manage all relevant legal and financial documents.

According to information available from the Pakistan Stock Exchange (PSX), the meeting also sanctioned a significant financial move to provide a cross corporate guarantee up to PKR 1,500 million in favor of various financial institutions to support the financial arrangements of its associated company, M/s Loads Limited. This resolution, which aims to facilitate short-term financial instruments like commercial paper or sukuk, will be valid for one year from the date of approval.

Furthermore, the CEO, CFO, and Company Secretary of Treet Corporation were empowered to take all necessary actions for implementing the decisions made during the EGM, ensuring compliance with the Companies Act, 2017, and other legal requirements. The meeting concluded with no further business and a vote of thanks to the Chair.

These resolutions are part of Treet Corporation’s strategy to expand its operations and secure its financial interests, reflecting a proactive approach to business development and compliance with regulatory standards.