Treet Corporation Limited has successfully incorporated its wholly-owned subsidiary, Treet Trading LLC, in Dubai, United Arab Emirates (UAE).
The company shared the development in its notice sent to the Pakistan Stock Exchange (PSX) on Wednesday.
“Further to our earlier announcement(s), please note that the Board had approved the establishment of a wholly owned subsidiary, Treet Trading LLC, on February 27, 2024, with the Department of Economy and Tourism (formerly known as Dubai Economic Development Zone (DED)), Mainland, UAE.
“We are now pleased to report that following the fulfillment of all requisite legal procedures pertaining to the incorporation, the foreign subsidiary (Treet Trading LLC) of the company has been successfully incorporated with The Department of Economy and Tourism, Mainland, UAE,” read the notice.
Earlier, Treet Corporation said that an initial capital injection of $100,000 will be made for the issuance of 100,000 shares at $1 each for the new foreign subsidiary.
Treet on Wednesday said that the establishment Treet Trading LLC is a ‘strategic move’, which is part of the company’s ongoing efforts to expand its business operations and explore new market opportunities in the international arena.
“The establishment of Treet Trading LLC will enable us to enhance our market presence in the Middle East and leverage the business-friendly environment of Dubai,” said the company.
Incorporated in 1977 as a public limited company, Treet Corporation Limited has a product range of over 75 SKUs including shaving razors, body razors, and feminine razors.
The company, besides having a major share in the local market, sells its products to over 40 countries across the globe. Its production plant can produce 2.15 billion units per year. TREET operates under the umbrella of Treet Group in Pakistan.
As per the company’s latest financial results, the company posted a loss of Rs311.86 million for the six months ending December 31, 2023, on account of a high cost of finance, which clocked in at Rs1.36 billion during the period.
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