September 24, 2026 (MLN): Treet Battery Limited (PSX: TBL) has approved the conversion of Rs2 billion in inter-company borrowings from Treet Corporation Limited (TCL) into ordinary shares, pending approval from shareholders and the Securities and Exchange Commission of Pakistan (SECP).
The company’s board approved converting principal and accrued interest totaling Rs2 billion into 200 million ordinary shares, according to a filing submitted to the Pakistan Stock Exchange (PSX).
The shares will be issued to TCL at a par value of Rs10 per share through a further issue of shares other than by way of a rights 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 transaction remains subject to approval from the company’s shareholders and the SECP.
The board also approved, subject to shareholder approval, an increase in the company’s authorized share capital from Rs11 billion to Rs13 billion.
The current authorized capital consists of 1.1 billion ordinary shares of Rs10 each, while the proposed capital would comprise 1.3 billion ordinary shares of Rs10 each.
The proposed increase in authorized capital will require an amendment to the company’s memorandum of association.
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