December 19, 2024 (MLN): The Board of Directors of Treet Battery Limited (PSX: TBL) has approved the conversion of a portion of its inter-company borrowing from Treet Corporation Limited (PSX: TREET) into ordinary shares.
This includes a principal amount and accrued interest totaling Rs 2.003 billion.
This will result in the issuance of 2.003bn ordinary shares to TCL.
This conversion will be done through a further issue of shares to TCL, in a manner other than a right offer.
The company approved increasing its authorized capital from Rs10.01bn, which is divided into 1.001bn ordinary shares of Rs10 each, to Rs11bn divided into 1.1bn ordinary shares of Rs10 each.
This decision also involves altering the existing memorandum of association of the company.
The company will convene an extraordinary general meeting of shareholders on January 10, 2025, at 10:30 AM at Ali Auditorium, Ferozpur Road, Shahrah-e-Roomi, Lahore.
Necessary notices and disclosures, as required by applicable laws, will be provided accordingly.
This conversion is expected to reduce the Company's borrowing levels and financing costs.
These actions highlight the company's dedication to enhancing its financial structure and delivering sustained value to its shareholders.
