Dawood Hercules Corporation Limited has decided to invest Rs. 375 million in its wholly-owned subsidiary, Empiric AI.
A notification issued to the Pakistan Stock Exchange (PSX) detailed that the Board of Directors of Dawood Hercules Corporation Limited (the ‘Company’) has approved an investment of Rs. 375,000,000 in the proposed Right Issue of Empiric AI (Private) Limited, a wholly-owned subsidiary company, comprising 37,500,000 shares of Rs. 10 each.
The investment is in accordance with the applicable provisions of the Securities Act, 2015 and the Rule Book of Pakistan Stock Exchange Limited, Dawood Hercules, which is a publicly listed investment and holding company.
Dawood Hercules Corporation Limited (DAWH) is an investment holding company with a range of business interests from food, fertilizer, chemical manufacturing and storage, energy, and information technology. Its market capitalization is around Rs. 44.17 million, according to the PSX.
The DAWH is a publicly listed investment and holding company that operates two subsidiaries, Engro Corporation and Empiric AI, and is headquartered in Karachi.
Empiric AI is a leading provider of AI-based advanced analytics solutions to empower industries to improve yield, reduce costs, and improve reliability.
The above Company market capitalization is 44 Billion not million.