TPL Trakker Limited (PSX: TPLT) has signed a Non-Binding Indicative Term Sheet with a UAE-based conglomerate for a large equity stake in Trakker Middle East, an associated company of TPL Trakker Limited.
The proposed transaction shall be contingent upon approval from the relevant regulatory authorities, satisfactory completion of due diligence, obtaining requisite internal approvals and entering into definitive documentation, TPLT said in a note to PSX on Monday.
The proposed transaction is anticipated to be completed by May 31, 2024. “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.
Trakker Middle East 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.
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