First Treet Manufacturing Modaraba (FTMM) has approved a corporate restructuring plan to convert the modaraba into a public limited company through a merger with a newly incorporated entity, the company announced on Thursday.
In a notice to the Pakistan Stock Exchange (PSX), FTMM stated that the decision was taken by a Board resolution passed on 15 October 2025. “FTMM shall be converted into a Public Limited Company by way of Merger with and into a newly incorporated company (a company incorporated solely for the purpose of the merger),” the notice read.
The restructuring will be subject to all necessary corporate and regulatory approvals, including from the Securities and Exchange Commission of Pakistan (SECP), Registrar Modaraba Companies, PSX, Competition Commission of Pakistan (CCP), the Lahore High Court, and certificate holders or creditors where required under law.
The company assured that the rights and interests of certificate holders will remain fully protected throughout the process. “This restructuring does not have any immediate impact on the financial position or day-to-day operations of FTMM, and all obligations of the Modaraba towards its lenders, creditors, employees and commercial counterparties shall continue uninterrupted during the restructuring process,” the notice said.
FTMM added that further updates on the restructuring will be shared with the PSX in due course in compliance with regulatory requirements.
