Avancoen Ltd withdraws decision to demerge AMS segment and Octopus Digital

MG News | July 08, 2019 at 12:54 PM GMT+05:00

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July 8, 2019 (MLN): The Board of Directors of the Avanceon Limited has unanimously rescinded the decision to demerge After Market Support (AMS) segment and Octopus Digital (Private) Limited.

As an alternative, the Board on Monday resolved that the Company shall sell, dispose of or transfer its after-market engineering and technical services related business segment / undertaking (constituted approximately 26% of total revenue of the company as per last audited financial statements for the year ended December 31, 2018) to its wholly owned subsidiary company Octopus Digital, against the issue of shares by the subsidiary in favor of the company.

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