Karachi March 11 2024: TPL Trakker Limited signed a Non-Binding Indicative Term Sheet with a UAE based Conglomerate for a large equity stake in Trakker Middle East, according to company filing to the exchange.
“We are pleased to announce that the Company has signed a Non-Binding Indicative Term Sheet with a UAE based conglomerate for a large equity stake in Trakker Middle East (“TME”), an associated company of TPL Trakker Limited” states the notification.
Earlier on February 26, 2024, UAE based conglomerate has expressed interest in taking a large equity stake in Trakker Middle East (“TME”), an associated company of TPL Trakker Limited.
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 proposed transaction is anticipated to be completed by May 31, 2024.
TME has long been at the forefront of fleet management and location-based services across the GCC region. 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. Beyond being a telematics provider, TME has established itself as a pioneering force in both traditional and advanced location-based solutions leveraging IoT innovations. 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.
