TPL Trakker Limited (PSX: TPLT) has announced that the transfer of a 50.1 percent equity stake in Trakker Middle East Limited (TME) to UAE’s Gargash Group has commenced.
“In continuation to our announcement dated May 25, 2024, regarding the signing of definitive agreements between Trakker Middle East LLC and Gargash Group for the acquisition of a 50.1% equity stake in Trakker Middle East LLC, we are pleased to inform you that the process of transfer of ownership, as outlined in the agreement, has now commenced,” it said in a stock filing issued today.
“We anticipate that the process, along with the share issuance, will be completed within the month of October and we are confident that this partnership will significantly accelerate our growth and strengthen our market position, paving the way for long-term success,” the filing said.
It added that an update will be provided to PSX once the transaction is fully consummated.
The Company is a subsidiary of TPL Corp Limited and TPL Holdings (Private) Limited is the ultimate parent company.
The principal activities of the Company include the installation and sale of tracking devices, vehicle tracking & fleet management services.
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