Karachi October 6 2022: The Board of Dawood Hercules Limited (DAWH) has approved investment in shares of the following associated companies up to an aggregate amount of PKR 5.35 billion at the applicable quoted price of such shares on the date of the transaction on the Pakistan Stock Exchange Limited.
However, this is subject to approval of the members of the Company in terms of Section 199 of the Companies Act, 2017 and all other applicable laws, at the forthcoming extraordinary general meeting of the Company.
DAWH shows its intend to invest in Engro Fertilizers Limited (EFERT), Engro Polymer and Chemicals Limited (EPCL), Engro Powergen Qadirpur Limited (EPQL) and Frieslandcampina Engro Pakistan Limited (FCEPL).
The consummation of the above transactions will be subject to the procurement of all applicable regulatory and corporate approvals as may be required.
The Board of Directors of the Dawood Hercules Corporation Limited has also approved the sale of its wholly owned subsidiary Empiric Al (Private) Limited to Avanceon Limited, under a share swap arrangement in exchange for certain percentage of shares of Octopus Digital Limited (subsidiary of Avanceon Limited), (the “Proposed Transaction”) on such terms and conditions as specified in Share Purchase Agreement (the “SPA”), and authorized any two of the Chief Executive Officer, the Chief Financial Officer, and the Company Secretary to jointly sign the SPA and other ancillary agreement(s) on behalf of the Company for the purpose, subject to approval of the members of the Company in terms of Section 183 of the Companies Act, 2017 and all other applicable laws, at the forthcoming extraordinary general meeting of the Company.
