March 11, 2024 (MLN): 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 (TME), the company's filing on PSX revealed today.
TME, an associated company of TPLT, has been a pioneer in fleet management and location-based services, with a focus on achieving high levels of customer satisfaction.
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.
The company anticipates that the transaction will be finalized by May 31, 2024, provided all conditions are met satisfactorily.
TPL Trakker Limited has assured its shareholders of regular updates on the progress of this transaction, committing to making further announcements as significant milestones are achieved.
TPLT 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 and fleet management services.
