Islamabad, Sep 27: TPL Tracker Transfers Major Stake in Middle East Unit to UAE’s Gargash Group
TPL Tracker Limited (PSX: TPLT) has announced the start of the process to transfer a 50.1% equity stake in Trakker Middle East Limited (TME) to the UAE-based Gargash Group.
“Following our May 25, 2024, announcement regarding the signing of definitive agreements between Trakker Middle East LLC and Gargash Group for the acquisition of a 50.1% stake in TME, we are pleased to inform you that the transfer process outlined in the agreement has now begun,” the company stated in a stock filing today.
The company anticipates completing the transfer and share issuance by October and expressed optimism that the partnership will accelerate growth and strengthen market position for long-term success.
The filing also mentioned that an update will be provided to PSX once the transaction is finalized.
TPL Trakker Limited is a subsidiary of TPL Corp Limited, with TPL Holdings (Private) Limited as its ultimate parent company. The company specializes in the installation and sale of tracking devices and offers vehicle tracking and fleet management services.
