With merger completed, Secure Logistics poised to capture growing value from e-commerce delivery business

Secure Logistics Group Limited (SLGL) has completed the long-planned combination with Trax Online, fusing two very different operating models into a single platform designed around Pakistan’s e-commerce boom. The Islamabad High Court sanctioned the scheme on 5 May 2025, a milestone that followed regulatory clearance from the Competition Commission of Pakistan (CCP) two days later. The CCP explicitly defined the relevant market as “courier and e-commerce logistics services,” underlining the competitive stakes in last-mile and fulfilment.

Management frames the merger as a classic asset-heavy meets asset-light pairing: legacy SLG brings trucks, traditional contract logistics, IoT and security; Trax contributes nationwide tech-enabled last-mile, warehousing and a dense merchant network. An equity research note from Chase Securities, a brokerage firm, detailing SLGL’s post-merger positioning puts identified cost and revenue synergies at Rs400 million, now under execution with most benefits expected by April 2026.

The combined group plans to operate through five legal entities, including SLG (transport), LogiServe (tech/IoT and now a licensed NBFC), and Sky Guards (security). By year-end 2025 the footprint is slated to span 200 offices across 60 cities, with 300-plus B2B and 9,000-plus B2C clients. For e-commerce merchants, that means broader reach, higher delivery density and a single counterparty that can pick up, store, ship, collect cash and – crucially – advance working capital against receivables.