Karachi June 14 2023: TPL Properties announced cash payout of PKR 2 per share along with buyback of 50 million shares, according to company filing to the exchange.
The Board of TPL Properties provided its approval to recommend to the members / shareholders of the Company, the purchase/buy-back by the Company of an aggregate of up to 50,000,000 (Fifty Million) issued and paid-up ordinary shares of the Company, 8.77 percent of outstanding shares, having paid-up/face value of PKR 10/- (Pak Rupees Ten only) each, in accordance with the Applicable Law.
The purpose of the purchase is Cancellation of shares and will be purchased at spot rate from Pakistan Stock Exchange.
The shares will be purchased from August 02, 2023 to January 29, 2024 (both days inclusive) or till such date that the purchase is complete, whichever is earlier. The Buy-Back will be made from the distributable profits of the Company in accordance with Section 88(8) of the Companies Act, 2017.
The Board has recommended the purchase / buy-back, as the same will have a positive effect on the future financial position of the Company, including the break-up value of the Company’s shares and its Earnings per Share (EPS). The current Buy-Back will also provide an opportunity of exit to those members who wish to liquidate their investment, fully or partially.
TPL Properties is a holding company whereby it owns 100% of TPL REIT Management TPL Developments and TPL Property Management, and is the strategic investor (39%) in TPL REIT Fund I.
Development of the real estate portfolio of TPL REIT Fund I is progressing well. One Hoshang received all requisite regulatory approvals for construction and the Foundation and Piling works are underway. Pre-sales will be initiated in the second half of the year. The Mangrove Project, having the Layout plan approved by The Cantonment Board Korangi Creek (CBKC), is now progressing on the Detail Master Plan (DMP). SSH International have been on boarded for the consultancy for this. Immediately after the DMP, work will be initiated on the Architectural/Structural drawings for submission and approval from CBKC. On the Technology Park, Architectural Approval from SBCA is expected by 2Q23.
TPL Properties growth will continue on the development of the existing portfolio, as well as additional real estate projects being added to the REIT Fund I portfolio, and independent agreements for development services and REIT management services being pursued by the company. The focus towards managing digital infrastructure via REITs remains a priority and further developments are expected during the year.
