Treet Battery Limited (PSX: TBL) has formally converted a Rs. 2.003 billion loan from its parent company, Treet Corporation Limited, into equity following regulatory approval, according to its stock filing at the Pakistan Stock Exchange on Monday.
The conversion, approved by shareholders at an extraordinary general meeting held on January 10, 2025, includes a principal amount of Rs. 1.276 billion and accrued interest of Rs. 726.77 million. As part of the transaction, Treet Battery has issued and allotted 200,316,630 new ordinary shares at Rs. 10 per share to Treet Corporation, through a non-right offer.
Following the shareholder approval, Treet Battery submitted an application to the Securities and Exchange Commission of Pakistan (SECP) under Section 83(1)(b) of the Companies Act, 2017, seeking consent for the conversion of the loan into equity. The SECP has approved the application.
A certificate from the company’s external auditors, verifying the further issue of shares, will be released at a later stage.
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