TPLT approves de-merger of mapping segment by creating a separate entity

By MG News | June 14, 2022 at 03:17 PM GMT+05:00

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June 14, 2022 (MLN): The Board of Directors of TPL Trakker has approved the de-merger of the mapping segment of the business from the Company by creating a separate entity in Pakistan and transferring the net assets to the same, company’s filing on bourse showed today.

In addition, the board also authorized the management to incorporate a foreign entity in a suitable jurisdiction for holding the investments in the mapping business.

This is going to be a stepping stone for raising international as well as local funds from the investors to enhance the footprint of the digital mapping business, the company said.

The company aims to conclude the aforesaid process within the next two months subject to obtaining all regulatory approvals.

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