The Pakistan Credit Rating Agency Limited
24-Jan-25
Analyst
Hashim Yazdani
hashim.yazdani@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-24
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-24
- Methodology | Debt Instrument Rating | Oct-24
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 the Ratings of TPL Properties Limited | PPTFC | PKR 1.575bln | Dec 23 - Redeemed
| Issuer | TPL Properties Limited |
| Instrument | PPTFC |
| Amount | PKR 1575 mln |
| Issuance Date | 29-Dec-23 |
| Tenor | 1 Years |
| Redemption Date | 27-Dec-24 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (24-Jan-25 ) |
Previous (19-Aug-24 ) |
|
| Action | Redeem | Maintain |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
TPL Properties Limited had issued a rated, secured, privately placed Term Finance Certificate on December 29, 2023 for a tenor of 1 year to finance the Company's working capital requirements and settlement of short term borrowings. The instrument was redeemed on December 27, 2024. Entire outstanding principle amount along with the final quarterly interest payment was made at redemption.
Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of TPL Properties Limited | PPTFC | PKR 1.575bln | Dec 23.
About
the Entity
TPL Properties is the real estate arm of TPL Corp. The Company is engaged in real estate development and property management. The majority of the stake is held by sponsors through Associated Companies (50.76%) including TPL Corp (39.26%) and Alpha Beta Capital Markets Pvt Limited (7.65%) and TPL Insurance (2.93%). Individual Sponsors, Directors, CEO and their family cumulatively hold 9.48% while General Public and other institutions hold approx. 39.76%. The overall control of the company vests in seven-member board of directors (BoD) with Mr. Jameel Yusuf as the Chairman of the board. Mr. Ali Jameel is the CEO of the Company and is accompanied by an experienced team.