December 22, 2023 (MLN): Avanceon’s shareholders on Friday resolved to transfer the entirety of 47.5 million ordinary shares of its wholly-owned subsidiary, Empiric AI (Private) Limited, representing 100% of its issued capital, to Octopus Digital Limited (PSX: OCTOPUS).
The transaction, valued at Rs440m will be settled through adjustments of short and long-term loans/liabilities as per the terms outlined in the EPL Business Transfer/Sale Agreement.
It was further resolved that Octopus Digital FZ-LLC, Dubai, UAE, a wholly owned subsidiary of the company invest $2.5mn in Octopus Digital Inc. Pennsylvania USA (formerly Engro Innovative, Inc.) by way of purchase/acquisition of its entire shareholding.
Octopus Digital Inc is a wholly owned subsidiary of Avanceon FZE, Dubai, UAE, which in turn is the wholly owned subsidiary of Avanceon Limited.
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Posted on:2023-12-22T14:23:53+05:00
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