International investor shows interest in acquiring majority stake in TPL Trakker

An international investment group has expressed interest in acquiring a majority shareholding stake in TPL Trakker Limited, according to material information notices submitted to the Pakistan Stock Exchange (PSX).

TPL Trakker Limited and its parent company TPL Corp Limited, separately disclosed the development to the exchange on Wednesday. 

According to the notices, the potential acquisition remains subject to corporate and statutory or regulatory approvals, due diligence, negotiations with sellers and execution of definitive agreements.

Both companies said shareholders would be informed of further developments through subsequent announcements as the transaction progresses.

TPL Trakker was originally incorporated in Pakistan on December 27, 2016 as TPL Vehicle Tracking (Private) Limited under the repealed Companies Ordinance, 1984, now the Companies Act, 2017.

The company’s name was changed to TPL Trakker (Private) Limited with effect from November 30, 2017.

TPL Trakker is a subsidiary of TPL Corp Limited, while TPL Holdings (Private) Limited is the ultimate parent company.

The company is engaged in the installation and sale of tracking devices, vehicle tracking and fleet management services.