TPL Corp, BOP ink deal

KARACHI: TPL Corp has inked an agreement with Bank of Punjab (BoP) to finance the establishment of multiple real estate projects, a statement said on Thursday.

Ali Jameel, CEO, TPL Corp signed the agreement with Mr. Zafar Masud – President & CEO BOP, while other senior members from both teams were also present.

The BoP has approved a total of Rs4.5 billion which will be utilized to fund development of the Technology Park in Sindh as well as residential project One Hoshang and will also allow land acquisition for TPLP’s upcoming master planned community project.

Moreover, the amount will also be used to invest in TPL subsidiaries for future growth opportunities.

Ali Jameel, CEO, TPL Corp said the country's potential with respects to digital services and information technology is quite promising.

"We are grateful to Bank of Punjab for extending their support to us ... as it has taken us a step closer to making our vision a reality."

Zafar Masud, president and CEO BOP said the bank is extremely pleased to have acted as the lead advisor and arranger of facility for development of housing and state of the art technology park projects of TPL Group.

"These transactions, exclusively led by BOP, are a testimony of the bank’s commitment towards construction led growth of the country," he said.