First Treet Manufacturing Modaraba to Merge and Convert into Public Ltd Company
Key Takeaways
- FTMM approved a major corporate restructuring involving a merger and conversion to a public limited company.
- The restructuring is subject to numerous regulatory and corporate approvals, including from the SECP, PSX, and CCP.
- The company assured that certificate holders' rights and interests will remain fully protected during the process.
- The restructuring is not expected to have an immediate impact on the company's financial position or daily operations.
- CEO Syed Sheharyar Ali and CLO Zunaira Dar are authorized to finalize the scheme and execute necessary filings.
First Treet Manufacturing Modaraba (FTMM) announced that its Board of Directors has approved a substantial corporate restructuring plan, which entails merging the Modaraba with a newly established company and subsequently converting its structure into a public limited company. This strategic move has been officially disclosed to the Pakistan Stock Exchange (PSX) and various regulatory bodies, initiating a complex process governed by a Scheme of Arrangement (Merger). The successful execution is contingent upon securing numerous approvals from entities such as the Securities and Exchange Commission of Pakistan (SECP), the Competition Commission of Pakistan (CCP), and the Lahore High Court, alongside necessary stakeholder consents. FTMM explicitly stated its commitment to fully safeguarding the rights and interests of all certificate holders throughout this transition. Furthermore, the company assured that there will be no immediate adverse impact on its current financial health or routine business operations, with all obligations to creditors and partners continuing without interruption. Key executives, including CEO Syed Sheharyar Ali and CLO Zunaira Dar, have been tasked with preparing the final scheme and executing all required filings.
