October 16, 2025 (MLN): First Treet Manufacturing Modaraba (PSX:FTMM) has approved the initiation of a corporate restructuring plan that will convert the Modaraba into a Public Limited Company through a merger with and into a newly incorporated company.

The transaction is subject to all necessary corporate and regulatory approvals, including clearances from the Securities and Exchange Commission of Pakistan (SECP), Pakistan Stock Exchange (PSX), Registrar Modaraba Companies, Competition Commission of Pakistan (CCP) (where applicable), Lahore High Court, and the approval of certificate holders and creditors, where required under law.

The rights and interests of its certificate holders will remain fully protected throughout the restructuring process, the company's filing on PSX revealed today. 

Approval from certificate holders and shareholders will be sought in accordance with applicable laws and through court-directed meetings once the scheme is finalized and approved by the Board.

The company emphasized that the proposed merger will have no immediate impact on FTMM’s financial position, daily operations, or obligations to its lenders, creditors, employees, and commercial counterparties, which will continue uninterrupted during the restructuring.