Universal Network Systems Limited (PSX: GEMUNSL) has received a significant acquisition proposal from TPL Logistics (Private) Limited for its domestic e-commerce division, according to an official stock filing made by GEMUNSL.
In the filing released on Tuesday, GEMUNSL confirmed, “We are pleased to confirm that the Company has received a binding offer from TPL Logistics (Private) Limited (‘the Offeror’) for the acquisition of its E-commerce domestic operations business (‘the Offer’).”
During a meeting convened on October 2, 2023, GEMUNSL’s Board of Directors authorized Danish Elahi, a Non-Executive Director of the Company, to independently oversee all necessary procedures, negotiations, and the eventual execution of any agreement(s) on behalf of the Company regarding this proposition.
The finalization of this proposed transaction is subject to approval from the company’s shareholders and the attainment of all requisite regulatory and corporate approvals.
UNSL, known for its brand blueEX, was established in 2005 as a courier company. In 2011, it shifted its focus towards eCommerce Logistics. The company offers both local and international cargo shipment services as well as courier services, encompassing the delivery of letters, documents, and eCommerce parcels.
It’s noteworthy that UNSL (blue-Ex) holds the distinction of being the first courier and logistics sector company listed on the Pakistan Stock Exchange. The majority of UNSL’s revenue, approximately 96%, is derived from courier services, with the remaining 4% divided between international freight services and cargo services to international airlines.
TPL Logistics, on the other hand, made its debut in 2018 as part of the TPL Group, positioning itself as Pakistan’s inaugural digital end-to-end logistics provider. The company’s primary mission revolves around harnessing technology to optimize supply chain operations and enhance overall efficiency. In 2019, TPL Logistics introduced ‘Rider,’ an end-to-end digital logistics solution designed to empower businesses in delivering products to their customers with precision, speed, and efficiency.
The acquisition offer by TPL Logistics reflects the dynamic landscape of Pakistan’s e-commerce and logistics sectors, underlining the industry’s commitment to leveraging innovation and technology to foster growth and streamline operations.
