Trakker Middle East LLC has initiated the process of transferring a 50.1% equity stake to the Gargash Group. This follows the signing of definitive agreements between the two entities earlier this year, as announced on May 25, 2024.
In a notification to the Pakistan Stock Exchange (PSX), the company stated that the acquisition marks a pivotal moment for Trakker Middle East LLC, as the company embarks on a new growth and market expansion chapter. The transfer of ownership is expected to be completed by October, alongside the issuance of new shares. This strategic partnership will bolster TPL’s market position and drive long-term success.
The company expressed confidence in the positive impact of this partnership, stating that it will significantly accelerate growth and strengthen its market presence.
