The UAE-based conglomerate Gargash Group has officially started the process of acquiring a 50.1% equity stake in Trakker Middle East LLC (TME), a subsidiary of TPL Trakker (TPLT). This update was revealed by TPL Trakker in a notice to the Pakistan Stock Exchange (PSX) on Friday.
The notice, referring to an earlier announcement from May 2024, confirmed that the ownership transfer is now underway and is expected to be completed, including share issuance, by the end of October. TPL Trakker expressed confidence that the partnership with Gargash Group will enhance the company’s growth and strengthen its market position in the Middle East.
Gargash Group, established in 1918, is one of the UAE’s prominent business enterprises, operating across sectors like automotive, real estate, financial services, and food & beverage.
This move follows the TPLT Board of Directors’ decision in May to sign a binding agreement with Gargash Group, allowing the acquisition of the equity stake through the issuance of new shares in TME. The partnership aims to accelerate TME’s growth in the Middle East while showcasing TPL Trakker’s innovative IoT products to a broader audience.
Previously, TPLT’s CEO, Harris Jamali, noted the subsidiary’s 40% growth in the region, despite having a relatively small workforce.
