Karachi October 6 2022: The Board of Directors of the Avanceon Limited has approved the purchase/acquisition of EmpiricAI (Pvt) Limited, wholly owned subsidiary of Dawood Hercules Corporation Limited (DAWH), under a share swap arrangement, and has authorized Chief Executive Officer of the Company to enter into a share purchase agreement (SPA) with DAWH, on behalf of the Company, on such terms and conditions as specified in SPA, according to company filing to the exchange.
The entire shareholding of EmpiricAI (Pvt) Limited shall be acquired in exchange for certain percentage of shares of Octopus Digital Limited (subsidiary of Avanceon Limited) held/owned by Avanceon Limited as per the terms of “SPA”.
The consummation of the transaction will be subject to the procurement of all applicable regulatory and corporate approvals as may be required.
