Lahore: Treet Battery Limited, a significant player in the battery manufacturing sector, held its Annual General Meeting on October 27, 2026, during which shareholders approved a series of resolutions, including a notable increase in the company's authorized capital. The meeting, which convened in Lahore, addressed both ordinary and special business matters for the financial year that ended on June 30, 2026.
The members confirmed the minutes of the Extra-Ordinary General Meeting held on January 11, 2026, and approved the Annual Audited Financial Statements, along with the Directors' and Auditors' Reports. Furthermore, M/S BDO Ebrahim & Co.-Chartered Accountants were appointed as the external auditors for the financial year ending June 30, 2027. The remuneration for the auditors will be determined by the management.
A significant resolution passed during the meeting was the increase of the company's authorized capital from Rs. 11 billion to Rs. 13 billion. This adjustment involves an augmentation in the number of ordinary shares from 1.1 billion to 1.3 billion, each valued at Rs. 10. This development aims to facilitate the company's growth and expansion plans.
Moreover, the shareholders approved the conversion of a Rs. 2 billion loan extended by Treet Corporation Limited into equity. This conversion will be executed through the issuance of 200 million ordinary shares at par value, further strengthening the company's capital base.
According to information available from the Pakistan Stock Exchange (PSX), these strategic financial maneuvers are poised to enhance Treet Battery Limited's market standing and operational capabilities.
The meeting also ratified related party transactions and authorized the Board of Directors to approve such transactions for the upcoming financial year. Additionally, the remuneration for non-executive and independent directors for attending meetings was approved at Rs. 70,000 per meeting, effective retrospectively.
In a move to streamline corporate governance, the Articles of Association were amended to allow the Board to determine directors' remuneration, subject to statutory provisions. The Chief Executive Officer, Chief Financial Officer, and Company Secretary have been authorized to execute all necessary steps to implement these resolutions.
The resolutions passed during the AGM reflect Treet Battery Limited's strategic focus on financial fortification and corporate governance, setting the stage for future growth and shareholder value enhancement.