TPL Logistics makes offer to acquire GEMUNSL's e-commerce division

Universal Network Systems Limited (PSX: GEMUNSL) has received a substantial acquisition offer from TPL Logistics (Private) Limited for its domestic e-commerce division.

GEMUNSL announced in a stock filing on Tuesday, "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, the Board of Directors of GEMUNSL granted Danish Elahi, a Non-Executive Director of the Company, the authority to independently oversee all necessary steps, negotiations, and the eventual execution of any agreement(s) on behalf of the Company for this purpose.

The completion of this proposed transaction is contingent upon the approval of the company's members and the acquisition of all requisite regulatory and corporate approvals.

blueEX, a brand of Universal Network Systems (UNS), was incorporated in 2005 as a courier company which shifted its focus towards eCommerce Logistics in 2011. The company provides local and international cargo shipment services and courier services under which it delivers letters and documents, and eCommerce deliveries.

UNSL (blue-Ex) holds the distinction of being the first courier and logistics sector company listed on the Pakistan Stock Exchange. Courier services make up the majority of UNSL revenue, contributing approximately 96%, with the remaining 4% split between international freight services and cargo services to international airlines.

TPL Logistics was launched in 2018 as a part of the TPL Group, establishing itself as Pakistan's first digital end-to-end logistics provider. The company's core mission is to leverage technology to optimize supply chain operations and enhance efficiency. In 2019, TPL Logistics introduced 'Rider,' an end-to-end digital logistics solution designed to empower businesses to deliver products to their customers with precision, speed, and efficiency.