TPL Insurance : Notice of Annual General Meeting

vi

In case of investment in a project of an

N/A

associated company / undertaking that

has not commenced operations, in

addition to the information referred to

above, the following further information

is also required:

a)

a description of the project and

its history since conceptualization;

b)

starting date and expected date

of completion;

c)

time by which such project

shall become commercially

operational;

d)

expected return on total capital

employed in the project; and

e)

funds invested or to be invested

by the promoters distinguishing

between cash and non-cash

amounts;

vii.

Maximum amount of investment/

PKR 300 million

advance to be made

viii.

Purpose, benefits likely to accrue to the

To ensure continuity of supply of tracking units used in insured

investing company and its members

vehicles

from such investment and period of

investment;

ix.

Sources of funds to be utilized for

Available cash and bank balances.

investment and where the investment is

intended to be made using borrowed

funds,-

x.

Salient features of the agreement(s), if

The advance is provided to ensure continuity of supply of

any, with associated company or

tracking units. The advance carries markup at the rate of

associated undertaking with regards to

KIBOR + 3.5% with a floor of 10% per annum

the proposed investment;

xi.

Direct or indirect interest, of directors,

TPL Trakker Limited is a subsidiary of TPL Corp Limited, the

sponsors, majority shareholders and their

parent Company of TPL Insurance Limited

relatives, if any, in the associated

company/undertaking or the transaction

under consideration

Annual Report 2022

company or associated undertaking has

up at KIBOR + 3.5% per annum

already been made, the performance

review of such investment including

complete information/justification for

any impairment or write offs; and

xiii.

Any other important details necessary

N/A

for the members to understand the

transaction;

xiv.

Category-wise amount of investment;

Advance against supply of tracking units upto Rs. 300 million

xv.

Average borrowing cost of the investing

Current 1 year KIBOR is 21.28% per annum on 03rd March 2023

company or in case of absence of

borrowing the KIBOR (Karachi Inter Bank

Offered Rate) for the relevant period

xvi

Rate of interest, mark up, profit, fees or

The advance carries markup at the rate of 1 year KIBOR +

commission etc. to be charged by

3.5% with a floor of 10%

investing company;

xvii.

Particulars of collateral or security to be

The advance is unsecured

obtained in relation to the proposed

investment;

xviii.

If the investment carries conversion

Advance is not convertible

feature i.e. it is convertible into securities,

this fact along with terms and conditions

including conversion formula, circum-

stances in which the conversion may take

place and the time when the conversion

may be exercisable; and

xix.

Repayment schedule and terms and

Advance is adjustable against the invoices for rental of

conditions of loans or advances to be

tracking units and monitoring fee on a monthly basis.

given to the associated company or

associated undertaking.