Treet Battery Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) to convert a loan and its accrued interest into equity, the company informed the local bourse through a notice on Tuesday.Â
This approval follows a resolution passed during an extraordinary general meeting of shareholders held on January 10, 2025.
The loan, amounting to approximately PKR 2 billion, which includes PKR 1.28 billion in principal and PKR 726.78 million in interest, will be converted into 200.32 million ordinary shares at a rate of PKR 10 per share.
The conversion will help ease the company’s financial obligations, with the new shares being issued to Treet Corporation Limited, its major stakeholder, in a move classified as a further issue of shares beyond the right offer mechanism.
Following the SECP’s approval, Treet Battery Limited intends to proceed with the process, which is expected to boost its capital structure and provide more flexibility for future operations. The company’s external auditors will issue a certification to formalize the process of the share conversion, which will be disclosed to the public in the near future.
