PACRA Withdraws Debt Instrument Rating of TPL Trakker Limited | PP Sukuk
|Rating Type||Debt Instrument|
The company proposed to raise Sukuk with an amount of PKR1bln inclusive of PKR150mln greenshoe option (@3month KIBOR + 1.75% 6 years maturity). The Sukuk has not been issued since first rated (10th-July-18), thereby PACRA withdraws PP Sukuk Rating, assigned 'A' with immediate effect.
TPL Trakker Limited (TPL) – a wholly owned subsidiary of TPL Corp Limited – is a vehicle tracking and fleet management solutions, provider. TPL Corp is a ~57% subsidiary of TPL Holdings.
The Board consists of four directors; all four of them including the CEO, are representatives of TPL Corp. Mr. Sarwar Ali Khan is the CEO of the company. Mr. Khan, having more than two decades of experience, has been associated with the company for the last two years. He is directly reportable to the Group CEO, Mr. Ali Jameel.