KARACHI: TPL Corporation has taken an additional stake in TPL Properties, a tech giant, emerging real estate property development arm. This was stated in a statement on Tuesday.
With the acquisition of 51% stake, TPL Corporation and its sponsors have become majority shareholders in TPL Properties.
According to the notice on Pakistan Stock Exchange, TPL Corporation acquired 17 million shares from Alpha Beta Capital Markets (Pvt) Ltd. at Rs. 12 / share.
The announcement comes four years after the initial public offering of TPL Properties in June 2016.
Ali Jamil, CEO of TPL Corporation, said: “This strategic acquisition reflects our continued support.
Group This will strengthen TPL’s position as the region’s top real estate developer and generate reasonable returns for our shareholders and portfolio companies.
It added that since its inception in 2007, TPL Properties has been investing, purchasing, developing, selling and leasing immovable property in commercial and residential asset classes.