The Board of Directors of TPL Trakker Limited (PSX: TPLT) has directed company management to initiate discussions with a UAE-based conglomerate that has expressed interest in taking a large equity stake in Trakker Middle East (TME), an associated company of TPL Trakker Limited.
The proposed transaction shall be contingent upon approval from the relevant regulatory authorities and the satisfactory completion of due diligence, according to the stock filing.
“We shall keep our shareholders updated with respect to this transaction by making further announcements as and when the transaction progresses further,” the filing added.
TME has long been at the forefront of fleet management and location-based services across the GCC region. As a leader in technology and innovation, TME offers a wide array of hardware, software, and solutions, ranging from fundamental telematics to state-of-the-art IoT technology. Beyond being a telematics provider, TME has established itself as a pioneering force in both traditional and advanced location-based solutions leveraging IoT innovations.
Over the next 12 to 24 months, TME intends to extend its presence into three to four additional countries, with Saudi Arabia among the targeted expansions.