Avanceon unveils the conditions to transfer its AMS Business Segment to Octopus Digital

January 16, 2020 (MLN): Avanceon Limited has informed the Exchange regarding conditions on which the business arrangement contract between Avanceon Limited and Octopus Digital (Pvt) Limited (ODPL), the wholly-owned subsidiary of Avanceon, being made.

According to the contract, Avanceon agreed to sell its after-market engineering and technical services related business segment “AMS Business Segment” to ODPL against the issuance of 81.9 million ordinary shares, having face value of Rs 10/-each   by the ODPL in favour of the Avanceon.

In this regard, the right share offer letter contains the following conditions:

• Shares to be issued by the ODPL in Physical form only.
• The offer may be accepted either in full or in part.
• The last date of accepting the offer/ renouncement to reach the Registered Office of the ODPL on or before 25 January 2020.
• In case the offer letter completed in all respect is not submitted on or before 25 January 2020, the Avanceon shall have the right for applying/renouncing shares.
• If the acceptance is not made, the board of ODPL shall have absolute power to dispose of such shares in the best interest of the ODPL.
• The memorandum and articles of association and CNICs of all directors of Avanceon Limited shall be submitted and
• The right offer is 81,900,000/- ordinary shares of face value Rs 10 each and made in strict proportion to existing shares.

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