Treet Battery approves Rs2bn debt-to-equity conversion

Treet Battery Limited (PSX: TBL) has cleared a plan to turn Rs2 billion of intercompany borrowing owed to Treet Corporation Limited (TCL) into equity. Mettis Global reported that the sum includes both principal and accrued interest, and will be turned into 200 million new ordinary shares. The disclosure was lodged with the PSX on September 24, 2026.

TCL is to take up these shares at par value of Rs10 each through a further issue rather than a rights offer. The legal basis cited is Section 83(1)(b) of the Companies Act, 2017, together with Regulation 5(1) of the 2020 further share issue rules. The transaction still needs approval from shareholders and the Securities and Exchange Commission of Pakistan. Separately, the board has proposed, subject to shareholder consent, lifting authorized capital from Rs11 billion to Rs13 billion.

Under the plan, authorized capital would rise from 1.1 billion shares to 1.3 billion shares, each carrying Rs10 nominal value. The change would also require altering the memorandum of association.