A UAE-based conglomerate has expressed interest in acquiring a large equity stake in Trakker Middle East (TME), a subsidiary of TPL Trakker’s (TPLT) in the Middle East.
In this regard, the Board of Directors of TPLT has allowed the management to commence talks with the conglomerate.
The development was shared by TPL Trakker Limited, a subsidiary of TPL Corp Limited, in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“We are pleased to announce that the BoD has authorized management to initiate discussions with a UAE-based conglomerate who has expressed interest in taking a large equity stake in TME, an associated company of TPL Trakker Limited,” read the notice.
As per the notice, TME provides fleet management and location-based services across the GCC region.
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“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 IoT technology,” read the notice.
The notice read that 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,” read the notice.
Last year, TPLT CEO Harris Jamali, told Business Recorder, that its Middle East subsidiary has shown significant growth of 40% despite having a comparatively low workforce of around 35 people.
“TPLT’s Middle East subsidiary has been earning good foreign currency revenue,” Jamali said. “It works closely with Dubai police.
“The Middle East business showed 40% growth in the first half (of fiscal year 2023),” said Jamali, who joined TPLT in November 2022 as CEO. “And revenues are increasing.”
TPL Vehicle Tracking (Private) Limited was incorporated in Pakistan on December 27, 2016. Its name was changed to TPL Trakker (Private) Limited next year. 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 installation and sale of tracking devices, vehicle tracking and fleet management services.
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