A South African tech billionaire is plotting European and US domination
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Cartrack, a global provider of vehicle telematics and recovery solutions, this week published a business update with solid performance for quarter three, despite the challenges of Covid-19.
The company’s founder and group chief executive officer, is Zak Calisto, who still retains more than a two thirds shareholding in a company with a market cap that exceeds R15 billion.
Cartrack has seen its share price double over the past year, and a lot more than that over a five year period, in which the company has increasingly targeted markets abroad. It employs over 2,500 people across 24 countries spanning five continents.
Cartrack targets Nasdaq listing
Introduction
Shareholders of Cartrack (“Cartrack Shareholders”) are referred to the cautionary announcements released by Cartrack on the Stock Exchange News Service (“SENS”) of the JSE Limited (“JSE”) on 09 September 2020, 22 October 2020 and 03 December 2020 wherein Cartrack Shareholders were advised that Cartrack had entered into negotiations and was exploring options with its controlling shareholder, Karooooo Pte. Ltd. (previously known as Karoo Pte. Ltd.) (“Karooooo”), wholly owned by the Cartrack founder and Group Chief Executive Officer, Mr Isaias Jose “Zak” Calisto (“Calisto”), which, if successfully concluded, may result in the restructuring of Cartrack and its subsidiaries (the “Cartrack Group”), (the “Cautionary Announcements”).