Karachi June 22 2021: Treet Corporation Limited has received the advance amount of PKR.270 million for the sale of 100 percent shareholding of Global Arts Limited.
Earlier on May 31 2021, the company has signed Sale/Purchase agreement Chimera Education (Private) Limited for the sale of complete stake in Global Arts Limited and transfer of Control for consideration of PKR2.2 billion.
These proceeds will be used to pay off the bank borrowing which currently stands at PKR12.5 billion
Meanwhile, company’s work on capacity enhancement project of Hygiene Razors is progressing as per plan. Once the project is complete, it will not only increase the market share but will also improve the profit margins of the group. The Company is doing this project from its own sources.
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Global Arts Limited was incorporated in 2007 under the Companies Ordinance, 1984 (now Companies Act, 2017) as a private limited company. The Company was converted into public limited company after complying with the legal formalities with effect from 23 July 2014. The Company is engaged to promote, establish, run, manage and maintain educational institutions, colleges of arts, research, sciences, information technology, business administration and such other educational institutions as may be considered appropriate for the promotion and advancement of education in the country with national and international affiliation.
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