First Treet Manufacturing Modaraba Receives SECP No-Objection for Proposed Merger
Karachi, September 8, 2026: First Treet Manufacturing Modaraba (FTMM), managed by Treet Holdings Limited, has announced that it has received a No-Objection Certificate (NOC) from the Securities and Exchange Commission of Pakistan (SECP) for its proposed merger with Treet Packaging Limited (TPL).
According to a notice sent to the Pakistan Stock Exchange (PSX), the development is part of FTMM’s proposed corporate restructuring through a Scheme of Arrangement (Merger). The company had earlier communicated details of the proposed restructuring to the exchange on October 15, 2025.
The Registrar Modaraba of SECP, through a letter referenced in the company’s latest communication, has provided its objection-free approval for the proposed merger of FTMM into Treet Packaging Limited, subject to the fulfillment of conditions specified in the SECP letter.
The company said the merger process is being pursued in accordance with Section 96 of the Securities Act, 2015, as well as the applicable provisions of the PSX Regulations.
FTMM has requested the exchange to inform the TRE Certificate Holders about the development. The announcement represents another step forward in the proposed corporate restructuring, although the merger remains subject to the fulfillment of the conditions outlined by SECP and completion of the applicable regulatory and legal requirements.
The proposed transaction involves the merger of First Treet Manufacturing Modaraba into Treet Packaging Limited, potentially bringing the two entities under a streamlined corporate structure. Further details regarding the completion and effective date of the merger were not provided in the September 8 notice.
