Karachi October 10 2024: The Board of Directors of Secure Logistic Group Ltd and Trax Online (Pvt.) Limited (TRAX) have agreed to combine the businesses of SLGL and TRAX.
The objective of shareholders of TRAX to become shareholders of SLGL with the combined Partners in SLGL to own and operate the combined businesses of SLGL and TRAX.
Presently it is anticipated that the combination of businesses to be achieved through a merger/amalgamation of TRAX into SLGL or one of the wholly owned SLGL subsidiaries
through a Scheme of Arrangement prepared under the provisions of Sections 279-282 of the Companies Act 2017 to be approved by the respective shareholders of SLGL and TRAX and sanctioned by a competent High Court, subject to requisite regulatory approvals.
The Parties will endeavor to execute definitive agreements and implement the process of Merger by December 31’1, 2024.
The Parties have executed a Term Sheet documenting all key terms and conditions and it has been approved by the respective Board of Directors. These terms and conditions will inter-alia
form the basis of entering into definitive agreements between the Parties and preparation of the Scheme to be submitted for sanction by the competent High Court.
The Parties are of the view that the Merger will transform the combined entity to a leading 4 PL Logistics player. The complimentary Business Units, savings through reduction in overlapping
Fixed and Variable Costs and a range of synergies that inter-alia includes SLGL’s commercial assets and TRAX’s strong technology platform will all-together lead to the maximization of
combined entity’s top and bottom lines. The combined entity is expected to serve in excess of 300 established corporate clients alongwith thousands of small and medium enterpises across
all Business Units and segments.
About SLGL
SLGL is involved in Long-haul and Distribution segments of Logistics, Asset Tracking (IOT) and Security Services with a 14 years long operational history. It is listed on Pakistan Stock Exchange and trades under the symbol of SLGL. SLGL is an integrated Logistics Service provider with a st rong Balance Sheet, company owned commercial fleet, country-wide infrastructure foot-print and diversified Business Lines.
