Treet Corporation informed the bourse today that it has started trial production of batteries at its newly built Battery Project plant.
The company received a sum of around Rs. 2.26 billion for the said right issue against a target of Rs. 4.04 billion. The funds were used to acquire 40 Acres of land in M3-Industrial City, Faisalabad for “Lead Acid Batteries Project”.
The plant will manufacture maintenance-free (MF) and deep-cycle batteries, under the brand name of Daewoo in Pakistan. The plant was funded by issuing a 150% Right Issue in 2015.
According to the company’s press release,
Daewoo is one of the world’s leading battery manufacturers and our association with the company will bring about increased synergies as well as a solid product.
In its quarterly report on project completion the company, in its 10th August circular, informed the exchange that almost all the work had been completed on the project.
Treet had set a date during first week of October for its trial run at Battery Production, with a tentative date for its commercial operations sometime around November. However, due to some unforeseen delays the company couldn’t complete the projects in stipulated time.
Treet’s script at the bourse was trading at Rs. 41.00 gaining +Rs. 1.54 or +3.90% with a turnover of 971,000 shares.
According to earlier releases, the company was to begin commercial operations from the month of November. The Battery Project plant is to have its own 13 MW Grid Station which will provide for the energy needs of the plant.