Avanceon to convert Rs2.64bn interest free receivables into equity

MG News | January 06, 2022 at 01:01 PM GMT+05:00

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January 6, 2022 (MLN): Avanceon Limited (AVN) has resolved to convert its long-term interest-free receivables worth Rs2,642,703,175 from subsidiary companies into equity as fully paid ordinary shares in its subsidiaries, the company’s notification to PSX said today.

In its Extra General Meeting (EGM) held yesterday, the company passed the resolution to convert the long-term interest-free receivables of Rs1,785,679,445 from Avanceon FZE (Dubai) into equity.

While, the company also resolved that the due amount worth Rs475,525,730 and Rs381,498,000 from Avanceon Automation and Control W.L.L. (Qatar) and Innovative Automation and Engineering Inc. (USA) respectively, which were classified in the audited financial statements ending 31 December 2020, as long-term interest-free receivables, to be converted into equity as fully paid ordinary shares in its subsidiaries with effect from December 31, 2021.

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