The Pakistan Credit Rating Agency Limited
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Faiqa Qamar

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TPL Corp Limited Redeems PPTFC | Dec -17 | PACRA Withdraws Instrument Rating

Issuer TPL Corp Limited
Instrument PPTFC
Amount PKR 1200 mln
Issuance Date 19-Dec-17
Tenor 2 Years
Redemption Date 19-Dec-19
Outstanding Amount -

Rating Type Debt Instrument
Action Redeem Maintain
Long Term AA- AA-
Short Term - -
Outlook Stable Stable
Rating Watch - -

TPL Corp Limited issued a privately placed Term Finance Certificates (TFCs) of PKR 1.2bln in Dec-17. The instrument carried a markup rate of 3 months KIBOR plus 1.5 percent per annum and are redeemable in 03 equal installments at the end of 12th, 18th and 24th month.
Subsequent to the completion of redemption process, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of TPL Corp Limited | PPTTFC | Dec-17.

About the Entity
TPL Corp Limited (formerly known as TPL Trakker Limited) is a public limited company listed on Pakistan Stock Exchange. The Company is principally engaged in making investments in Group and other companies. TPL Trakker Limited was incorporated in Pakistan on December 04, 2008 as a private limited company and converted into public company in 2009 and got listed on Pakistan Stock Exchange Limited on July 16, 2012. The name of the Company has been changed to TPL Corp Limited w.e.f. November 24, 2017.
TPL Corp is majorly owned by its parent company, TPL Holdings (Pvt.) Limited (62.41%). 6% shares are held by foreign companies and financial institutions. Remaining shares are owned by the general public.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.