TPL Trakker Shareholders Approve Revised Director Remuneration and Loan Conversion into Equity

Karachi, TPL Trakker Limited, a key player in the tracking and mapping solutions industry, held an Extraordinary General Meeting (EGM) on June 21, 2024, where significant resolutions were passed concerning the company’s governance and strategic financial arrangements. The shareholders approved the minutes from the previous Annual General Meeting, increased the remuneration for non-executive directors, and endorsed a major loan conversion into equity shares for a subsidiary.

During the meeting, the shareholders ratified the minutes of the last Annual General Meeting which was convened on October 23, 2023. In a move to align director compensation with increased responsibilities and inflation adjustments, the EGM approved an increase in the remuneration of non-executive directors from PKR 100,000 to PKR 120,000 per meeting, which also includes sub-committee gatherings.

A substantial part of the EGM focused on financial structuring, particularly concerning TPL Trakker’s subsidiary, Trakker Middle East L.L.C. (TME). According to information available from the Pakistan Stock Exchange (PSX), the shareholders granted approval for the amendment of a pre-existing loan agreement. This amendment introduces conversion features allowing the company to convert the outstanding loan amount of Rs. 661,094,368 into up to 8,727 equity shares of TME valued at AED 1,000 each.

This strategic financial maneuver is set to bolster the balance sheet of TME while aligning with regulatory compliance as outlined in Section 199 of the Companies Act, 2017. The resolution further authorizes the Chief Executive Officer, Chief Financial Officer, and the Company Secretary to take all necessary actions to implement and finalize the conversion process, including negotiating and executing relevant documents and agreements.

The resolutions passed at this EGM mark a significant step in the financial and operational restructuring of TPL Trakker Ltd as it continues to expand and solidify its market position within the tracking and mapping industry.