Karachi: TPL Trakker has initiated the transfer of ownership process in its latest venture with Gargash Group, targeting the acquisition of a 50.1% stake in Trakker Middle East LLC, a pivotal move aimed at bolstering its market presence and accelerating growth.

The transaction, which was first announced on May 25, 2024, has now entered the phase of ownership transition as per the definitive agreements between Trakker Middle East LLC and Gargash Group. According to information available from the Pakistan Stock Exchange (PSX), the acquisition process and share issuance are expected to conclude by the end of October 2024.

This strategic partnership is projected to significantly strengthen TPL Trakker's position in the market, setting a foundation for sustained long-term success. The company has confirmed that an update will be provided to PSX once the transaction is fully consummated. Shareholders and Trading Right Entitlement Certificate Holders of PSX have been advised to stay informed on the progress of this transaction.