Avanceon approves Rs7.5bn capital increase

MG News | May 25, 2026 at 10:01 AM GMT+05:00

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May 25, 2026 (MLN): Avanceon Limited (PSX: AVL) approved an increase in the company’s authorized capital from Rs5 billion to Rs7.5bn at its 23rd Annual General Meeting.

The increase in authorized capital raises the company’s share base from 500m ordinary shares to 750m ordinary shares, each having a nominal value of Rs10., according to company’s filing on PSX revealed today.

Shareholders also approved the related amendments to Clause V of the Memorandum of Association and Article 5 of the Articles of Association to show the revised capital structure.

The amended clauses authorize the company to increase, reduce, consolidate, subdivide, cancel, or otherwise reorganize its share capital in accordance with the provisions of the Companies Act.

In another resolution, shareholders approved the conversion of a long-term interest-free receivable amounting to Rs1.62bn (QAR20.96m) from Avanceon Automation & Control W.L.L. into equity investment as capital contribution.

The amount will be classified as “Investment in Subsidiary” relating to the company’s 49% holding with 100% controlling rights in its Qatar-based subsidiary.

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