Treet Battery approves Rs2bn debt-to-equity conversion

September 24, 2026 (MLN): Treet Battery Limited (PSX: TBL) has approved the conversion of Rs2 billion of its inter-company borrowing from Treet Corporation Limited (TCL) into ordinary shares, subject to approval from the company's shareholders and the Securities and Exchange Commission of Pakistan (SECP).

The Board of Directors approved the conversion of a portion of the inter-company borrowing, comprising principal and accrued interest amounting to Rs2bn, into 200 million ordinary shares of the company, the company's filing on PSX revealed today.

The shares will be issued to TCL at a par value of Rs10 per share through further issue of shares other than by way of a right offer under Section 83(1)(b) of the Companies Act, 2017, read with Regulation 5(1) of the Companies (Further Issue of Shares) Regulations, 2020.

The company said the proposed transaction remains subject to approval by its shareholders and the SECP.

The Board also approved, subject to shareholders' approval, an increase in the company's authorized share capital from Rs11 billion to Rs13bn.

The existing authorized capital comprises 1.1bn ordinary shares of Rs10 each, while the proposed capital will comprise 1.3bn ordinary shares of Rs10 each.

The proposed increase in authorized capital will also involve an alteration of the company's existing memorandum of association.

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