February 28, 2022 (MLN): The board of directors of TPL Properties Limited (TPLP) has approved the sale of three Special Purpose Vehicles (SPVs) i.e., HKC Private Limited, TPL Technology Zone Phase – I (Private) Limited and National Management & Consultancy Services (Private) Limited, to TPL REIT Fund-I managed by its wholly-owned subsidiary TPL REIT Management Company Limited (TPL RMC),
According to the notice to PSX sent today, it is subject to the approval of the shareholders.
Upon transfer of the SPVs, TPLP will hold at least 25% units in TPL REIT Fund-I as a strategic investor.
The board of directors of TPLP has also approved the incorporation of a wholly-owned subsidiary by the name TPL Properties Development (Private) Limited (TPLPD), which shall act as a development arm of TPLP.
The development activities shall be carried out under TPLPD, for which TPLP is in the process of appointing a Chief Executive Officer to lead the business.
TPLP shall now act as a holding company overseeing operations and performance of TPLPD, TPL Property Management Private Limited, and TPL RMC.
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