Karachi December 23 2023: Avanceon Limited shareholders approved transfer of Empiric AI and Octopus Digital Inc to Octopus Limited for PKR 1.2 billion, according to company filing to the exchange.
These transaction to be settled by way of adjustments of short term/long term loan/liabilities.
Following resolution were passed in the Extraordinary General Meeting of Avanceon Limited held at 22 December 2023.
The shareholders resolved that, subject to the grant of all approvals and consents, as required under the applicable law, the company to dispose-off / transfer the entire 47,500,000/- (forty seven millions and five hundred thousand) ordinary shares of its wholly owned subsidiary company, Empiric AI (Private) Limited (“EPL”), constituting 100% of the issued and paid up capital of EPL, to Octopus Digital Limited (“ODL”) listed subsidiary of the Company, in consideration of cost to the Company at Rs. 440,023,210/- (Rupees Four Hundred and Forty Million Twenty-Three Thousand Two Hundred Ten Only).
FURTHER RESOLVED that, this transaction to be settled by way of adjustments of short term/long term loan/liabilities due on such terms and conditions as specified under the EPL Business Transfer/Sale Agreement (“Agreement”) dated 30 September 2023.
The shareholders resolved that, subject to the grant of all approvals and consents, as required under law, the necessary approval to be taken from members of the Company on Sale/Transfer/Dispose of the entire shareholding of Octopus Digital Inc., Pennsylvania USA (“ODI”) (formerly Engro Innovative, Inc.) a wholly owned subsidiary of Avanceon FZE, Dubai, UAE (“AVN-FZE”) which is a wholly owned subsidiary of the Company to Octopus Digital FZ-LLC, Dubai, UAE (“OD-FZ-LLC”), a wholly owned subsidiary of the Octopus Digital Limited (“OCTOPUS”), a listed subsidiary of the Company, in consideration of USD 2,550,000 ($ Two Million Five Hundred and Fifty Thousand Only).
FURTHER RESOLVED that, this transaction to be settled by way of adjustments of short term/long term loan/liabilities due within the group on such terms and conditions as specified under the ODI Business Transfer/Sale Agreement (“Agreement”) dated 30 September 2023.
