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January 13, 2021

TPL Corp acquires stake

Business

January 13, 2021

KARACHI: TPL Corp has acquired an additional stake in TPL Properties, the tech giant’s emerging real-estate property development arm, a statement said on Tuesday.

With a 51 percent stake post-acquisition, TPL Corp and its sponsors have become the majority shareholders in TPL Properties, it added.

According to the notice on Pakistan Stock Exchange, TPL Corp acquired 17 million shares for Rs12/share from the Alpha Beta Capital Markets (Private) Limited.

The announcement comes four years after TPL Properties’ Initial Public Offering in June 2016.

Ali Jameel, CEO of TPL Corp, said: “This strategic acquisition shows our relentless support to the

group. It will strengthen TPL’s position as the region’s premier property developer and generate favourable returns for our shareholders and portfolio companies.”

Founded in 2007, TPL Properties invests, purchases, develops, sells, and leases real estate assets in the commercial and residential asset classes, it added.