Treet Corporation Limited has announced the establishment of a wholly-owned subsidiary in the United Arab Emirates (UAE) and the provision of a corporate guarantee to its associated company, Loads Limited, according to a notice sent to the Pakistan Stock Exchange (PSX).
These decisions were approved by the Board of Directors via a Board Resolution on June 4, 2024, and will be presented to the shareholders for further approval.
The company plans to inject an initial capital of $100,000 into its new subsidiary, Treet Trading LLC, based in the Dubai Economic Development Zone (DED), Mainland, UAE.Â
This subsidiary will be fully incorporated following the completion of requisite legal procedures, with an expected issuance of 100,000 shares at $1 each.
Additionally, Treet Corporation has recommended a cross-corporate guarantee of Rs 1.5 billion for Loads Limited.Â
This guarantee is intended to support the working capital facilities of Loads Limited from Development Financial Institutions (DFIs), Financial Institutions (FIs), and Banks.
