TPL Trakker Limited (PSX: TPLT) has successfully completed the transfer of a 50.1% equity stake in its subsidiary, Trakker Middle East LLC, to the Gargash Group. The company announced the development in a stock filing on Monday.

The transaction follows the initial announcement made on September 27, 2024, regarding the commencement of the ownership transfer process. “We are pleased to inform you that the transaction has now been successfully completed,” the company stated.

TPL Trakker expressed optimism about the strategic partnership, highlighting its potential to drive growth, enhance operational synergies, and strengthen market presence. “We are confident that this strategic partnership will accelerate our growth trajectory, enhance operational synergies, and strengthen our market presence, positioning us for long-term success,” the statement added.

Trakker Middle East LLC, a subsidiary of TPL Corp Limited, specializes in the installation and sale of tracking devices, as well as vehicle tracking and fleet management services. TPL Holdings (Private) Limited serves as the ultimate parent company of the group.