UAE conglomerate to purchase equity stake in TPL’s Middle East subsidiary 

TPL Trakker Limited (TPLT), a subsidiary of TPL Corp Limited, has signed a Non-Binding Indicative Term Sheet with a UAE-based conglomerate for a large equity stake in Trakker Middle East (TME), an associated company of TPLT.

The company shared this information in a notice to the Pakistan Stock Exchange (PSX) on Monday in accordance with Section 96 of the Securities Act, 2015, and Clause 5.6.1 (a) of PSX Regulations. 

“In continuation to the announcement of the Company dated February 26, 2024, we are pleased to announce that the Company has signed a Non-Binding Indicative Term Sheet with a UAE-based conglomerate for a large equity stake in Trakker Middle East ("TME"), an associated company of TPL Trakker Limited, the company said in its notice.

However, the proposed transaction shall be contingent upon approval from the relevant regulatory authorities, satisfactory completion of due diligence, obtaining requisite internal approvals and entering into definitive documentation, read the notice. 

The proposed transaction is anticipated to be completed by May 31, 2024.