OCTOPUS grants loan facility up to Rs300mn to AVN

MG News | May 29, 2023 at 12:48 PM GMT+05:00

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May 29, 2023 (MLN): The members of Octopus Digital Limited (PSX: OCTOPUS) in its 6th Annual General Meeting (AGM) resolved to grant an unsecured short-term loan facility of up to Rs300 million to its holding company Avanceon Limited (PSX: AVN) as per the terms and conditions specified, the company’s filing on PSX noted.

This grant is in terms of Section 199 of the Companies Act, 2017 and subject to all other applicable laws.

It was also resolved that under the Companies (Further Issue of Shares) Regulations, 2020, the grant of options equal to or exceeding one percent of the issued or paid-up capital of the company at the time of grant of options, within one year, to identified employees be and is hereby approved.

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