Gargash Group, a UAE-based conglomerate, has successfully acquired 50.1% equity stake in Trakker Middle East LLC (TME), a subsidiary of TPL Trakker (TPLT).
The TPL Trakker, a subsidiary of TPL Corp Limited, shared the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“Further to our announcement dated September 27, 2024, regarding the commencement of the transfer of ownership process for the acquisition of a 50.1% equity stake in Trakker Middle East LLC by the Gargash Group, we are pleased to inform you that the transaction has now been successfully completed.
“We are confident that this strategic partnership will accelerate our growth trajectory, enhance operational synergies, and strengthen our market presence, positioning us for long-term success,” read the notice.
Established in 1918, Gargash Group is one of UAE’s leading business enterprises. It is comprised of internationally renowned brands operating across four verticals: automotive, real estate, financial services, and F&B.
In May last year, the TPLT Board of Directors authorized the company to sign a binding agreement with Gargash Group to acquire a 50.1% equity stake in TME. The acquisition was to be executed through the issuance of new TME shares.
TPLT’s notice to the PSX stated that this strategic partnership and new equity injection in TME would “not only accelerate the company’s growth in the Middle East but also provide an excellent platform to showcase our 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,” stated the company back then.
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