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Business & Finance TREET (Treet Corporation Limited) 31.20 Decreased By ▼ -2.19%

Treet Corporation exiting the education sector, to sell GAL

  • The company has signed a Memorandum of Understanding (MoU) with an interested party on off October 20 2020 for inter alia sale of 100 percent shares of the subsidiary Global Arts Limited (GAL) and transfer of control thereof
21 Oct 2020

Pakistan’s leading manufacturer of personal care products, Treet Corporation Limited has announced that it is exiting from the education sector.

The company on Wednesday informed that its Board of Directors has in principle decided to exit the education sector, and in this regard, the company has signed a Memorandum of Understanding (MoU) with an interested party on off October 20 2020 for inter alia sale of 100 percent shares of the subsidiary Global Arts Limited (GAL) and transfer of control thereof.

The company informed that subsequent to the signing of the MoU, the interested party shall undertake due diligence and if satisfied a formal sale and purchase agreement will be executed.

“Necessary approvals required to give effect to the exit from the education sector, including the proposed sale of shares of GAL shall be sought from the shareholders during the upcoming Annual General Meeting to be held on October 31st, 2020,” said Treet.

Furthermore, the company informed that the proceeds of the proposed sale of GAL shall be used to reduce the company's borrowing from the Financial Institutions. It also added that the proposed sale shall have no effect on the performance functionality faculty curriculum and students of IAC.