The Board of Directors of Octopus Digital Limited (PSX: OCTOPUS) has accorded its approval to the company for the acquisition of the entire shareholding of Empiric AI (Private) Limited (EPL), a wholly owned subsidiary of Avanceon Limited (AVN), under the EPL Business Transfer/Sale Agreement, the company informed the Pakistan Stock Exchange on Wednesday.
OCTOPUS further approved the purchase/acquisition of entire shareholdings of Octopus Digital Inc., Pennsylvania USA (formerly Engro Innovative, Inc.), a wholly owned subsidiary of Avanceon FZE which in turn is the wholly owned subsidiary of AVN by Octopus Digital FZ-LLC, Dubai, UAE, a wholly-owned subsidiary of the Company, under ODI Business Transfer/Sale Agreement on such terms and conditions as specified in agreement.
“Further, the Chief Executive Officer and/or Chief Financial Officer and/or Company Secretary of the Company be and are hereby authorized to obtain the approval of the members of the Company in terms of Section 199 of the Companies Act, 2017 and all other applicable laws,” the filing added.
The consummation of the transactions will be subject to the procurement of all applicable regulatory and corporate approvals as may be required.
The prime business of OCTOPUS is to carry out IT-enabled services which include but are not limited to online data/information storage, online monitoring and review of employees’ efficiency, online monitoring of cost and production efficiency, online monitoring and maintenance of plant and machinery, sale and trade of related software and equipment, etc.