Lahore June 5 2022: The Board of Directors of Treet Corporation Limited in its meeting held on Friday has recommended to extend a working capital loan of Rs 3,000 million to First Treet Manufacturing Modaraba (FTMM)
This loan is extended pursuant to Section 199 of the Companies Act, 2017 and Regulation 5(5) of Companies (Investment in Associated Companies or Associated Undertakings) Regulations 2017 and subject to the approval from shareholders.
The said loan shall stand effectively transferred to Treet Battery Limited (TBL) in terms of the Scheme if and when the Scheme is sanctioned by the Hon’ble Court.
People usually buy batteries in Pakistan, other than for Automobile, for storage of electricity so that it can be used in hours of load shedding. As power crisis worsens with a shortfall of 7,000MW, the urban and rural areas across the country are facing eight to 16 hours of load shedding these days.
Treet Corporation Limited was incorporated in Pakistan on 22 January 1977 as a Public Limited Company under the Company’s Act 1913 (now Companies Act, 2017). The principal activity of the Company is to manufacture and sell razors and razor blades along with other trading activities.
