February 26, 2024 (MLN): The Board of Directors (BoD) of TPL Trakker Limited (PSX: TPLT) has authorized management to initiate discussions with a UAE-based conglomerate that has expressed interest in taking a large equity stake in Trakker Middle East (TME), the company's filing on PSX unvieled today.
TME is an associated company of TPL Trakker Limited and 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 technology.
Beyond being a telematics provider, TME has established itself as a pioneering force in both traditional and advanced location-based solutions leveraging 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.
The proposed transaction shall be contingent upon approval from the relevant regulatory authorities and the satisfactory completion of due diligence.
The management shall keep the shareholders updated on this transaction by making further announcements as and when the transaction progresses further, the notice added.
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.
