Treet Battery Limited Announces Major Financial Restructuring and Capital Increase

Treet Battery Limited announced today that its Board of Directors has approved a plan to convert a significant portion of its debt into company shares. This move, which is subject to shareholder and regulatory approval, aims to reduce the company’s borrowing and lower its financing costs. The company plans to convert approximately Rs. 2 billion of inter-company debt owed to Treet Corporation Limited (TCL) into 200,316,630 ordinary shares of Treet Battery. This will be done by issuing new shares to TCL, rather than through a rights offering. In addition, Treet Battery’s board has also approved an increase in the company’s authorized capital. The existing capital of Rs. 10 billion will be increased to Rs. 11 billion. This will be achieved by increasing the number of ordinary shares from 1,001,000,000 to 1,100,000,000, each with a face value of Rs. 10. To get shareholder approval for these changes, Treet Battery will hold an extraordinary general meeting on January 10, 2025, in Lahore. According to the company, these steps demonstrate its commitment to improving its financial structure and providing long-term value to its shareholders.