Treet Corporation Limited has decided to exit the education sector. The Institute for Art and Culture, set up in Lahore in 2018 is now going to be run and operated by a foreign company with the know-how of how to operate an educational institution, said Treet Corporation’s Executive Director Syed Shaharyar Ali while speaking to ProPakistani.
This art institute has a liberal arts education platform and has five schools: the school of Culture and Language, Digital and Cinematic Arts, Art, Architecture, and Short-Term Academic Skill Development, with Syed Shahid Ali as the chancellor.
According to the notification filed to the Pakistan Stock Exchange (PSX) by the corporation, the Company has signed a Memorandum of Understanding (MOU) with an interested party on October 20, 2020 for, inter alia, the sale of 100% shares of its subsidiary Global Arts Limited and transfer of control thereof.
Subsequent to the signing of the MOU, the interested party shall undertake due-diligence and if satisfied a formal Sale and Purchase Agreement will be executed.
Necessary approvals required to give effect to the exit from the education sector, including the proposed sale of shares of GAL shall be sought from the shareholders during the upcoming Annual General Meeting to be held on October 31, 2020. Relevant Special Resolution can be found in the AGM Notice.
The company further informed its Shareholders that the proceeds of the proposed sale of GAL shall be primarily used to reduce the Company’s borrowing from financial institutions. The Company also informed that the proposed sale shall have no effect on the performance, functionality, faculty, curriculum, and students of IAC.
Ali also told ProPakistani that the new management wants the previous management to stay on the board, but the new managers of the school will expand it into a proper university and add several more schools as well, including a school of IT. The staff is also going to stay on board.