Analyst
Bakhtawar Abid
bakhtawar.abid@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
TPL Corp Limited Redeems ICP | Jul -19 | PACRA Withdraws Instrument Rating
Issuer | TPL Corp Limited |
Instrument | CP |
Amount | PKR 1100 mln |
Issuance Date | 14-Jul-19 |
Tenor | 0 Years |
Redemption Date | 11-Jan-19 |
Outstanding Amount | - |
Rating Type | Debt Instrument | |
Current (22-Jan-20 ) |
Previous (20-Dec-19 ) |
|
Action | Redeem | Maintain |
Long Term | - | - |
Short Term | - | A1 |
Outlook | - | Stable |
Rating Watch | - | - |
TPL Corp Limited issued an unsecured Islamic Commercial Paper of PKR 1,100mln in Jul-19. The instrument carried a markup rate of 6 months KIBOR plus 2.75% per annum and was redeemable on face value at maturity i.e. 6 months after the issuance date.
Subsequent to the redemption in Jan' 20, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of TPL Corp Limited – ICP.
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.