May 24, 2024 (MLN): Gargash Group, one of UAE’s leading business enterprises, has been authorized to acquire 50.1% equity stake in Trakker Middle East Limited (TME), an associated company of TPL Trakker Limited (PSX: TPLT).
TPLT shared the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.
"The Board of Directors of TPLT has authorized to approve fresh equity injection in its associated company TME and to sign binding agreement with Gargash Group," reads the notice.
"Gargash Group will be acquiring 50.1% equity stake in TME," the notice added.
The acquisition will be executed through the issuance of new shares of TME.
Established in 1918, Gargash Group is one of the UAE’s leading business enterprises. Today, the group comprises a family of internationally renowned brands operating across four verticals: automotive, real estate, financial services and F&B.
It is recognized for its global expertise and deep understanding of local markets, which has enabled the group to deliver integrated, innovative and competitive services.
The group has introduced leading global automotive brands into the UAE, including Mercedes-Benz, Alfa Romeo, GAC MOTOR, SIXT Rent Car, SIXT Leasing & SIXT Limousine.
Since 1998, Gargash Group’s financial services arm, Daman Investments, provides investment management and advisory, asset management and wealth management, and brokerage services in the UAE.
Gargash Real Estate develops and manages high-quality residential, commercial, and industrial properties across the country.
The group’s brands also include several leading restaurants and hotels in some of Dubai’s most popular destinations.
This strategic partnership and new equity injection in TME represent a significant milestone for the company which will not only accelerate the company's growth in Middle East but also provide an excellent platform to showcase its innovative IoT products to a broader audience.
"By leveraging Gargash Group's well-established market influence, we anticipate substantial growth and a strengthened market presence in the Middle East," TPLT said.
It said the company is confident that this strategic partnership will significantly enhance its growth trajectory and market footprint, positioning the company for substantial success.
The transaction is contingent upon approval of relevant regulatory authorities, the approval of the shareholders (if applicable), and entering into definitive agreements.
Copyright Mettis Link News
Posted on: 2024-05-24T09:41:10+05:00
