The Board of Directors of First Treet Manufacturing Modaraba (FTMM) has approved a major corporate restructuring that will see the Modaraba merge with a newly incorporated company and convert into a public limited company.
The decision was communicated to the Pakistan Stock Exchange (PSX) and the relevant regulatory authorities.
According to the company’s official notice, the restructuring will be carried out through a Scheme of Arrangement (Merger), subject to all necessary corporate and regulatory approvals.
These include clearances from the Securities and Exchange Commission of Pakistan (SECP), Registrar Modaraba Companies, PSX, Competition Commission of Pakistan (CCP), the Lahore High Court, and the approval of certificate holders and creditors where required.
FTMM emphasized that the rights and interests of certificate holders will remain fully protected throughout the process, and that the restructuring will not have any immediate impact on the company’s financial position or day-to-day operations.
All obligations to lenders, creditors, employees, and commercial partners will continue uninterrupted during the transition.
The board has authorized management to prepare and finalize the merger scheme, issue statutory notices, conduct court-directed meetings, and obtain any required valuations or fairness opinions.
CEO Syed Sheharyar Ali and Chief Legal Officer & Company Secretary Zunaira Dar have been empowered to execute all necessary documents and filings with the relevant authorities.
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