FTMM gets SECP's no-objection for merger into Treet Packaging

First Treet Manufacturing Modaraba (FTMM) has obtained a no-objection letter from the Securities and Exchange Commission of Pakistan for its planned merger into Treet Packaging Limited, Mettis Global reported, citing a notice filed with the exchange. The Registrar Modaraba conveyed the clearance in a letter that carries conditions the company must still satisfy. That letter builds on an earlier disclosure dated October 15, 2025, concerning the restructuring.

In October 2025, FTMM had signed off on a plan to recast the modaraba as a public company by combining it with a newly created entity. Several bodies still need to approve the deal, including the SECP, the PSX, the Registrar Modaraba Companies, the Competition Commission of Pakistan where relevant, and the Lahore High Court. Certificate holders and creditors must also give consent where the law requires it.

Certificate holders' interests will be safeguarded throughout the overhaul. Votes of certificate holders and shareholders will be taken at court-directed meetings after the Board finalises and approves the scheme. The company also indicated that the merger carries no immediate consequences for its financial standing, day-to-day operations, or obligations to lenders, creditors, staff and trade partners, which will continue uninterrupted.