Lahore: Treet Battery Limited has successfully increased its paid-up share capital following the conversion of a significant loan from Treet Corporation Limited into equity, as confirmed by a newly issued auditor's certificate. The conversion comes as part of the company's efforts to strengthen its financial structure and comply with regulatory requirements, as outlined under Section 83(1)(b) of the Companies Act, 2017, and the Companies (Further Issue of Shares) Regulations, 2020.

According to the certificate, Treet Battery Limited's authorized capital increased from Rs. 10.01 billion, divided into 1.001 billion ordinary shares, to Rs. 11 billion, divided into 1.1 billion ordinary shares. The conversion involved a loan amounting to Rs. 2.00 billion, comprising a principal of Rs. 1.28 billion and accrued interest of Rs. 726.78 million. This resulted in the issuance and allotment of 200.32 million ordinary shares at a par value of Rs. 10 per share to Treet Corporation Limited.

The increase in the company's paid-up share capital was verified through several procedural checks mandated by regulatory authorities, including approvals from the Securities and Exchange Commission of Pakistan (SECP) and necessary filings with the Pakistan Stock Exchange. The revised paid-up share capital now stands at approximately Rs. 10.83 billion, consisting of 1.08 billion shares.

According to information available from the Pakistan Stock Exchange (PSX), the increase in the paid-up share capital is classified as a very large or significant move, reflecting the substantial impact of this transaction on the company's financial standing. This move is expected to support Treet Battery Limited's strategic objectives and operational growth.

The auditor's certificate also confirms that all requirements for the allotment of shares in the name of the Central Depository Company (CDC) have been fulfilled, ensuring compliance with the set statutory and regulatory obligations. The certificate, however, is intended solely for submission to relevant regulatory bodies, as stipulated by applicable laws.

This development marks a pivotal step for Treet Battery Limited in enhancing its capital structure and potentially expanding its market presence in the designated market category. The company continues to focus on maintaining regulatory compliance while pursuing further growth opportunities.