The Board of Directors of the Avanceon Limited (“Company”) 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 Dawood Hercules Corporation Limited (DAWH), on behalf of the Company, on such terms and conditions as specified in “SPA”.
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”.
