TPL Corp, Pakistan’s leading tech conglomerate, has acquired an additional stake in TPL Properties, the tech giant’s emerging real-estate property devel-opment arm.
With a 51% stake post-acquisition, TPL Corp and its sponsors have become the major-ity shareholders in TPL Properties.
According to the notice on Pakistan Stock Ex-change, TPL Corp acquired 17 million shares at a price of PKR 12 per share from the Alpha Beta Capital Markets (Private) Limited. The announce-ment comes four years after TPL Properties’ Initial Public Offering in June, 2016.
Founded in 2007, TPL Properties invests, purchases, develops, sells and leases real estate assets in the commercial and residential asset classes. The Com-pany is penetrating aggressively into the market with multiple development projects in the pipeline.
The sale of TPL Properties’ flagship project, Cen-trepoint, enabled distributable gain on the invest-ment property and opened new avenues for invest-ment.
The Company’s first high-end residential project, One Hoshang (LEED Gold Targeting pro-ject) is already underway. Sindh’s first Technology Park is also under development by the real estate planner and it will feature a high-end IT infrastruc-ture, catering to world-class tech companies looking for an environment that fosters innovation and col-laboration.
On the occasion, Ali Jameel, CEO TPL Corp com-mented, “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 favorable returns for our shareholders and portfolio companies.”