TPL Properties Limited Announces Proposed Buy-Back of 50 Million Shares to Boost Financial Position

Karachi, In a recent meeting held on June 14, 2023, the Board of Directors of TPL Properties Limited, based in Karachi, approved a recommendation to seek shareholder approval for the purchase and buy-back of up to 50 million issued and paid-up ordinary shares. The proposal, which will be presented as a special resolution, aims to enhance the company’s financial position in accordance with applicable laws.

The indicative maximum number of shares to be repurchased represents approximately 8.77% of the total outstanding shares of the company. Each share has a face value of PKR 10/- (Pak Rupees Ten only). The purchase price will be based on the spot or current rate as per the Listed Companies (Buy-back of Shares) Regulations, 2019.

The company plans to initiate the buy-back process from August 2, 2023, until January 29, 2024, or until the purchase is complete, whichever comes first. The funds for the buy-back will be sourced from the distributable profits of TPL Properties Limited.

The Board justifies the buy-back proposal, emphasizing its positive impact on the company’s future financial position, including the increase in the break-up value of the company’s shares and its Earnings per Share (EPS). Additionally, the buy-back provides an opportunity for members who wish to liquidate their investments, either fully or partially, to exit the company.