TPL Corp, Pakistan’s leading tech conglomerate, has acquired an additional stake in TPL Properties, the tech giant’s emerging real-estate property development arm. With a 51% stake post-acquisition, TPL Corp and its sponsors have become the majority shareholders in TPL Properties.
According to the notice on Pakistan Stock Exchange, TPL Corp acquired 17 million shares at a price of PKR 12 per share from the Alpha Beta Capital Markets (Private) Limited. The announcement comes four years after TPL Properties’ Initial Public Offering in June, 2016.
Founded in 2007, TPL Properties invests, purchases, develops, sells and leases real estate assets in the commercial and residential asset classes. The Company is penetrating aggressively into the market with multiple development projects in the pipeline. The sale of TPL Properties’ flagship project, Centrepoint, enabled distributable gain on the investment property and opened new avenues for investment. The Company’s ﬁrst high-end residential project, One Hoshang (LEED Gold Targeting project) is already underway. Sindh’s first Technology Park is also under development by the real estate planner and it will feature a high-end IT infrastructure, catering to world-class tech companies looking for an environment that fosters innovation and collaboration.
On the occasion, Ali Jameel, CEO TPL Corp commented, “This strategic acquisition shows our relentless support to the Group. It will strengthen TPL’s position as the region’s premier property developer and generate favorable returns for our shareholders and portfolio companies.”