Avanceon Ltd to Transfer Shares in Empiric AI to Octopus Digital Ltd

Avanceon Limited’s shareholders Friday resolved to transfer the entire 47,500,000 ordinary shares of its wholly owned subsidiary company, Empiric AI (Private) Limited to Octopus Digital Limited. According to a notice issued to the Pakistan Stock Exchange (PSX) by the company, the company will dispose-off / transfer the entire 47.5 million ordinary shares of its wholly owned subsidiary company, Empiric AI (Private) Limited (EPL), constituting 100 percent 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 million. The notice said that this transaction will 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 dated 30 September 2023. Further, it was resolved that the entire shareholding of Octopus Digital Inc., Pennsylvania USA (ODI) (formerly Engro Innovative, Inc.) a wholly owned subsidiary of Avanceon FZE, Dubai, UAE, which is a wholly-owned subsidiary of the company will be transferred to Octopus Digital FZ-LLC, Dubai, UAE, a wholly owned subsidiary of the Octopus Digital Limited, a listed subsidiary of the company, in consideration of $2.55 million. This transaction will 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 dated 30 September 2023.