April 13, 2023 (MLN): Avanceon Limited (PSX: AVN), a Pakistan-based industrial automation solutions provider, has sold and transferred its partnership interest in Avanceon LP, a Pennsylvania-based limited partnership, to Octopus Digital Inc. for $1.5 million, the company's filing on PSX revealed today.
The sale and transfer were approved by the board of directors of Avanceon Limited through circulation on April 13, 2023.
Octopus Digital Inc. is a wholly-owned subsidiary of Avanceon FZE Dubai, which is, in turn, a wholly-owned subsidiary of Avanceon Limited. Octopus Digital Inc., formerly known as Engro Innovative Inc., is a special-purpose vehicle company that invests in technology-driven businesses.
As part of the transaction, Avanceon Limited has withdrawn from the partnership in Avanceon LP, subject to the grant of all required regulatory approvals and consents.
The transfer includes the rights to the trademark and/or service mark/brand "AVANCEON" in territories outside North America.
Avanceon Limited's sale of its partnership interest in Avanceon LP is part of its strategic plan to streamline its operations and focus on core business activities.
Avanceon Limited specializes in providing automation, control, and optimization solutions for various industries, including food and beverage, cement, oil and gas, and power generation.
