KARACHI: 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.
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