RECORDER REPORT

KARACHI: The Board of Directors of TPL Trakker Limited has approved the demerger of the mapping segment of the business from the company by creating a separate entity in Pakistan and transferring the net assets to the same.

The Board has also authorized the management to incorporate a foreign entity in a suitable jurisdiction for holding investments in the mapping business, material information sent to Pakistan Stock Exchange Tuesday said.

This is going to be a stepping stone for raising international as well as local funds from the investors to enhance the footprint of the digital mapping business, it added.

“The management aims to conclude the aforesaid process within the next two months subject to obtaining all regulatory approvals.”