The Pakistan Credit Rating Agency Limited
Press Release


Timnat Thomas

Applicable Criteria

Related Research

This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Withdraws Rating of TPL Properties Limited | TFC 'Series A'

Issuer TPL Properties Limited
Instrument TFC Series A
Amount PKR 2200 mln
Issuance Date 16-Mar-18
Tenor 3.2 Years
Redemption Date 29-Apr-21
Outstanding Amount -

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

TPL Properties issued a 'Series A' of privately placed and secured Term Finance Certificates (TFC) amounting to PKR 2,200mln in March 2018. The principal of PKR 154mln and profit at a rate of 6MKIBOR plus 125bps of PKR 679mln was repaid from Sep 2018 to March 2020 in consecutive semi-annual instalments. The TFC was to fully mature in twelve years from the date of issue Mar-2018. But later, the Board has approved the early payment of the TFC. Keeping in view with
this, the payment of the outstanding principal of TFC amounting to PKR 2,046mln and mark-up amounting to PKR 22mln was made to the TFC holder on 29th April 2021.
Subsequent to the early repayment the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of TPL Properties Limited | TFC 'Series A'.

About the Entity
TPL Properties is the real estate arm of TPL Group. The company is engaged in real estate development and property management. TPL Properties is majority (45.8%) owned by TPL Group. TPL Properties has an eight-member board of directors. Four members, including one executive and three non-executive members, represent TPL Group while three members are independent of sponsoring group. Mr Ali Jameel, the CEO, is supported by an experienced team. During the year Mr Abdul Wahab Al Halabi joined the board as an independent director. Mr Abdul Wahab Al Halabi has over 23 years of experience in the field of executive management. He was previously on several boards including Emirates REIT Management, a NASDAQ Dubai listed entity, Plant Pharmacy LLC and several other private enterprises.

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.