AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, TPL Trakker Limited has issued a certificate detailing the breakdown of the utilization of proceeds from its public offering. The certificate, requested under regulation 16 (i) of the Regulations, provides transparency on how the funds have been utilized by the company until the period ending June 30, 2022.
The scope of the certificate encompasses a thorough analysis of the utilization of proceeds based on the resolution passed by the company. This ensures compliance with regulatory requirements and transparency in disclosing the allocation of funds.
The responsibility for managing the utilization of proceeds falls on the shoulders of the company’s management. They are tasked with ensuring that the funds received from the public offering are used for the purposes stated in the prospectus and accurately recorded in the company’s books and records.
To certify compliance with the regulatory requirements, the auditors’ responsibility involves conducting various verification procedures. These procedures include matching the utilization breakdown with the initial public offering (IPO) prospectus, recalculating the utilization breakdown, tracing the utilization of funds through audited annual accounts until June 30, 2021, and verifying the amount used against the disclosed purposes in the IPO prospectus from the bank.
Based on these verification procedures, the auditors have issued a certificate affirming the breakdown of the utilization of proceeds. The certificate reveals that the funds have been allocated as follows: Procurement of CSO Devices Infrastructure cost: Rupees 322,983,288; IT capital expenditure: Rupees 68,042,873; Working Capital: Rupees 94,782,420; Video Vehicle Telematics: Rupees 109,790,990; B Genset Monitoring Devices: Rupees 100,914,000; Servicing cost: Rupees 58,184,954; Commercial paper – Finance cost / discount on par: Rupees 89,954,292; Payment due to related party, TPL Corp Limited: Rupees 89,902,179; Total: Rupees 113,212,000; Total disclosed in Utilization prospectus till date: Rupees 113,313,000; Total: Rupees 439,132,996.
The certificate has been issued by the statutory auditor of the company at the specific request of the management. It is intended for submission to the Pakistan Stock Exchange and should not be used or distributed for any other purposes, as explicitly mentioned in the certificate.
TPL Trakker Limited’s release of the certificate aims to uphold transparency and accountability in the utilization of proceeds from its public offering, providing stakeholders and investors with valuable insights into the allocation of funds.