Karachi May 30 2022: System Limited and its wholly owned subsidiary in Singapore, Systems Internal IT Pte Ltd, be and is hereby authorized to enter into a Shares Purchase Agreement substantially as per draft shared with and reviewed by the Board, with the existing shareholders of NdcTech (comprising of National Data Consultant (Pvt.) Limited; NDCTECH APAC Pte. Limited, Singapore and National Data Consultancy FZC) for acquisition of 100% shares of NdcTech.
System limited will acquire 100% stake for a consideration of USD 10 million plus PKR 5,075,000,000 payable by the Company partially in cash (PKR 346 million) and partially in kind by way of issuance of 11,822,500 new shares of the Company to the sellers of NdcTech @ PKR 400 per share of the Company subject to all necessary shareholder and
regulatory approvals.
Board of Directors accept the proposal for further issue shares by way of other than
right, under sub-section (1) of section 83 of the Companies Act 2017 and Section 5 of Chapter IV of the Companies (Further Issue of Shares) Regulation, 2020 in favour of the sellers of NdcTech as and by way of partial consideration be taken up in a subsequent Board meeting after execution of the Shares Purchase Agreement and completion of necessary formalities for such proposal under the aforesaid Regulations.
