PAKISTAN
The Board of Directors of First Treet Manufacturing Modaraba (FTMM) has approved the initiation of a corporate restructuring plan to convert the Modaraba into a Public Limited Company through a merger with and into a newly incorporated entity established solely for this purpose.
According to a filing submitted to the Pakistan Stock Exchange (PSX)the decision was made via a resolution passed by circulation on October 15, 2025.
The proposed transaction will be subject to all requisite corporate and regulatory approvals, including those from the Securities and Exchange Commission of Pakistan (SECP), Registrar Modaraba Companies, Pakistan Stock Exchange (PSX), Competition Commission of Pakistan (CCP) (for pre-merger clearance if applicable), and the Honourable Lahore High Court, as well as the approval of certificate holders and creditors as required under law.
FTMM assured that the rights and interests of certificate holders will remain fully protected throughout the restructuring process in accordance with applicable laws. The company further clarified that the move will not have any immediate impact on its financial position or day-to-day operations, and that all obligations toward lenders, creditors, employees, and commercial counterparties will continue uninterrupted during the transition period.
Once the Scheme of Arrangement is finalized and approved by the Board, the formal approval of certificate holders and shareholders will be sought through Court-directed meetings.
FTMM stated that any further material developments will be shared with the Exchange in due course in compliance with regulatory requirements. ER News Desk
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