Treet Corporation Limited has announced the establishment of a wholly-owned subsidiary in the United Arab Emirates (UAE).
The company shared the development in its notice sent to the Pakistan Stock Exchange (PSX) on Thursday.
“The Board of Directors of Treet Corporation Limited has approved the establishment of a wholly owned subsidiary, Treet Trading LLC dated February 27, 2024 in the Dubai Economic Development Zone (DED), Mainland, UAE,” read the notice.
The company shared that all requisite legal procedures pertaining to incorporation of the said entity are currently underway.
“The wholly owned subsidiary is expected to be registered soon,” it said.
Treet said that an initial capital injection of $100,000 will be made for the issuance of 100,000 shares at $1 each.
“The Board has recommended the approval of the same to the shareholders,” read the notice.
Treet Corporation looks to sell 11.33% stake in its battery subsidiary
Moreover, the BoD has recommended to the shareholders, the approval of a cross-corporate guarantee up to Rs1.5 billion for Loads Limited, an associated company.
“This guarantee will support working capital facilities from DFIs, FIs, and banks,” read the notice.
In March, Treet announced selling 11.33% of its stake in its subsidiary Treet Battery Limited by way of sale of shares in the open market.
Incorporated in 1977 as a public limited company, Treet Corporation Limited has a product range of over 75 SKUs including shaving razors, body razors, and feminine razors.
The company, besides having a major share in the local market, sells its products to over 40 countries across the globe. Its production plant can produce 2.15 billion units per year. TREET operates under the umbrella of Treet Group in Pakistan.
As per the company’s latest financial results, the company posted a loss of Rs311.86 million for the six months ending December 31, 2023, on account of a high cost of finance, which clocked in at Rs1.36 billion during the period.
Comments