A conglomerate based in the UAE has shown interest in acquiring a significant equity stake in Trakker Middle East (TME), a subsidiary of TPL Trakker (TPLT) operating in the Middle East.
The Board of Directors of TPLT has authorized management to begin discussions with the UAE-based conglomerate, as announced by TPL Trakker Limited in a notice to the Pakistan Stock Exchange (PSX) on Monday.
TME offers fleet management and location-based services across the GCC region, leveraging a range of hardware, software, and solutions, including telematics and IoT technology.
The expansion plans for TME include entering three to four additional countries within the next 12 to 24 months, with Saudi Arabia being a primary target. The proposed transaction is subject to regulatory approval and successful completion of due diligence, as stated in the notice.
Last year, TPLT CEO Harris Jamali highlighted TME’s significant growth of 40% despite having a relatively small workforce of around 35 employees. TME has been generating substantial foreign currency revenue and collaborating closely with Dubai police.
TPL Trakker (Private) Limited, formerly known as TPL Vehicle Tracking (Private) Limited, is a subsidiary of TPL Corp Limited, with TPL Holdings (Private) Limited as the ultimate parent company. Its core activities involve the installation and sale of tracking devices, as well as vehicle tracking and fleet management services.
