Karachi, Pakistan: The Board of Directors of TPL Trakker Limited (PSX: TPLT) has authorised a fresh equity injection into its associated company, Trakker Middle East Limited (TME), and the signing of a binding agreement with UAE’s Gargash Group.
According to TPLT’s stock filing on Friday, Gargash Group will acquire a 50.1 percent equity stake in TME. The acquisition will be executed through the issuance of new shares in TME.
“This strategic partnership and new equity injection in TME represent a significant milestone for the Company. It will not only accelerate our growth in the Middle East but also provide an excellent platform to showcase our innovative IoT products to a broader audience,” TPLT stated.
The company further added, “By leveraging Gargash Group’s well-established market influence, we anticipate substantial growth and a strengthened market presence in the Middle East. We are confident that this strategic partnership will significantly enhance our growth trajectory and market footprint, positioning our Company for substantial success.”
The transaction is contingent upon the approval of relevant regulatory authorities, the approval of shareholders (if applicable), and the finalisation of definitive agreements, the filing noted.
Established in 1918, Gargash Group is one of the UAE’s leading business enterprises, comprising internationally renowned brands operating across four verticals: automotive, real estate, financial services, and F&B. The group is recognised for its global expertise and deep understanding of local markets, enabling it to deliver integrated, innovative, and competitive services.
Gargash Group has introduced leading global automotive brands into the UAE, including Mercedes-Benz, Alfa Romeo, GAC MOTOR, SIXT Rent Car, SIXT Leasing, and SIXT Limousine. Since 1998, the group’s financial services arm, Daman Investments, has provided investment management, advisory, asset management, wealth management, and brokerage services in the UAE.
Gargash Real Estate develops and manages high-quality residential, commercial, and industrial properties across the country. The group’s portfolio also includes several leading restaurants and hotels in some of Dubai’s most popular destinations.
At the time of the filing, TPLT’s stock was trading at Rs. 6.98, up 16.72 percent or Rs. 1, with a turnover of 0.85 million shares on Friday.