Treet Corporation Limited Allowed to Set Up Subsidiary in UAE

The Board of Directors of Treet Corporation Limited via a Board Resolution has approved the establishment of a wholly-owned subsidiary, Treet Trading LLC dated February 27, 2024, in the Dubai Economic Development Zone (DED), Mainland, UAE, and all requisite legal procedures pertaining to incorporation of the said entity are currently underway. The wholly owned subsidiary is expected to be registered soon and the update thereof shall be duly communicated to all concerned. Now, therefore, an initial capital injection of USD 100,000 will be made for the issuance of 100,000 shares at USD 1 each. The Board has recommended the approval of the same to the shareholders. Also, the Board has recommended to the shareholders, the approval of a cross-corporate guarantee up to Rs. 1.5 billion for Loads Limited, an associated company. This guarantee will support working capital facilities from DFIs, FIs, and Banks. The principal activity of the Company is to manufacture and sell razors and razor blades along with other trading activities.