PACRA Maintains Entity Ratings of TPL Corp Limited - Press Release issued by The Pakistan Credit Rating Agency Limited.

Lahore -- May 18, 2023 (PPI-OT)

Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)

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The rating reflects TPL Corp Limited's ("TPL Corp" or "the Company) diverse pool of investments and its evolving structure as a Holding Company. TPL Group entered in the business arena through vehicle tracking and insurance business. The existing investment portfolio is harmonious with the defined strategic plan. TPL Trakker Ltd. (TPLT) offers tailored solution. TPL Insurance Ltd. (TPLI) ensured operational efficiency over years. The Company's recent investment in TPL REIT Management Company (TPL RMC), through TPL Properties Ltd. (TPLP), is expected to bring synergy at Group level from its three projects - Technology Park, One Hoshang, and Mangrove. TPL Life Insurance Ltd. (TPL Life) provides complete health and life insurance products. TPL Security Services (TPL Security) provides security solutions, while TPL E-Ventures explores business opportunities and invest in start-ups as well as in Fintech.

The Company has divested its stake in TPLI as DEG (Deutsche Invitations und Entwicklungsgesellschaft), a wholly owned subsidiary of KFW Group based in Germany, and Finnish Fund for Industrial Cooperation Ltd. has acquired 15.87% and 17.02% stake, respectively, through issuance of ordinary shares other than a right issue. These foreign collaborations are expected to enable TPLI to invest in tech-driven products; thereby, increasing insurance penetration in Pakistan. Multiple revenue generating avenues are near completion in TPLT, where major portion of capital expenditure has already been incurred. TPLT achieved listed status in Aug-20.

TPLP has re-strategized its business model by setting up a REIT Management Company (RMC), as subsidiary, and making substantial investment in TPL REIT Fund...