Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA withdraws The Rating of TPL Corp Limited | PPCP
Issuer | TPL Corp Limited |
Instrument | PPCP |
Amount | PKR 900 mln |
Issuance Date | 15-Jul-21 |
Tenor | 0 Years |
Redemption Date | 10-Jan-22 |
Outstanding Amount | - |
Rating Type | Debt Instrument | |
Current (17-Feb-22 ) |
Previous (27-Aug-21 ) |
|
Action | Redeem | Initial |
Long Term | - | A |
Short Term | - | A1 |
Outlook | Stable | |
Rating Watch | - | - |
TPL Corp Limited issued privately placed commercial paper (PPCP) of PKR 900mln on July 24th, 2021. The purpose is to bridge investment of ~PKR 300mln in TPL Life Insurance and finance ~PKR 400mln working capital requirement of its subsidiaries. The PPCP carried a profit rate of 6M K+275ps. The Company has paid in full, all markup and outstanding principal amounts in timely manner. The PPCP has been redeemed on January 10th, 2022.
Subsequent to the redemption of the Commercial Paper, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of TPL Corp Limited | PPCP.
About
the Entity
TPL Corp Limited (formerly known as TPL Trakker Limited) is a public limited company, listed on PSX. The Company is principally engaged in making investments in Group and other companies. TPL Trakker Ltd. was incorporated in Pakistan on December, 2008, as a private ltd company. It got listed on PSX in July, 2012. TPL Corp is majorly owned by its parent company, TPL Holdings (Pvt.) Ltd. (~62%). While financial institutions hold ~ 6% shares. The remaining shares are owned by local and foreign individuals.