TPL Trakker Limited has announced the successful completion of the transfer of ownership process for the acquisition of a 50.1% equity stake in Trakker Middle East LLC by the Gargash Group, a UAE-based business conglomerate.
TPL Trakker, a subsidiary of TPL Corp Limited, formally announced the completion of the transaction to the Pakistan Stock Exchange (PSX) through a notice, following an earlier disclosure on September 27, 2024, regarding the commencement of the ownership transfer process.
“Further to our announcement dated September 27, 2024, regarding the commencement of the transfer of ownership process for the acquisition of a 50.1% equity stake in Trakker Middle East LLC by the Gargash Group, we are pleased to inform you that the transaction has now been successfully completed,” read the notice sent to the PSX.
TPL Trakker expressed confidence that the partnership will drive business expansion, improve operational efficiencies, and strengthen the company’s market position for long-term success.
The company has notified the Trading Right Entitlement Certificate (TREC) holders of the PSX about the development, in compliance with Section 96 of the Securities Act, 2015, and PSX regulations.
TPL Vehicle Tracking (Private) Limited was incorporated in Pakistan on December 27, 2016, as a private limited company under the repealed Companies Ordinance, 1984 (now Companies Act, 2017). The name of the company was changed to TPL Trakker (Private) Limited on November 30, 2017.
The company is a subsidiary of TPL Corp Limited and TPL Holdings (Private) Limited is the ultimate parent company. The principal activities of the Company include the installation and sale of tracking devices, vehicle tracking & fleet management services.
Founded in 1918, Gargash Group is a prominent business conglomerate in the UAE, operating across four key sectors: automotive, real estate, financial services, and food & beverage. The group has built a strong reputation for its global expertise and deep insight into local markets, enabling it to offer integrated and competitive services.
Gargash Group has played a pivotal role in introducing internationally recognized automotive brands to the UAE, including Mercedes-Benz, Alfa Romeo, GAC MOTOR, and SIXT, covering rental, leasing, and limousine services. Its financial arm, Daman Investments, has been providing asset management, brokerage, and wealth management services since 1998.
In the real estate sector, Gargash Group develops and manages premium residential, commercial, and industrial properties across the UAE. The group also has a strong presence in the hospitality industry, with leading restaurant and hotel brands in Dubai’s prime locations.
