Avanceon Limited has planned to acquire a 100 percent stake in a subsidiary of Dawood Hercules, EmpiricAI (Pvt) Limited, through a deal share swap agreement.
According to the notification issued to Pakistan Stock Exchange (PSX), the board of directors of Avanceon Limited (“Company”) has approved the purchase/acquisition of EmpiricAI (Pvt) Limited, a wholly owned subsidiary of Dawood Hercules Corporation Limited (DAWH), under a share swap arrangement, and has authorized Chief Executive Officer of the Company to enter into a share purchase agreement (“SPA”) with Dawood Hercules Corporation Limited (DAWH), on behalf of the company, on such terms and conditions as specified in “SPA”.
The entire shareholding of EmpiricAI (Pvt) Limited shall be acquired in exchange for a certain percentage of shares of Octopus Digital Limited (a subsidiary of Avanceon Limited) owned by Avanceon Limited as per the terms of “SPA”.
The consummation of the transaction will be subject to the procurement of all applicable regulatory and corporate approvals as may be required, according to the notification.
Empiric AI Private Limited is a wholly-owned subsidiary of Dawood Hercules Corporation which provides competitive services in Cyber Security, Data Science, Software Engineering, and the full stack of Cloud Computing. The company will also focus on solving complex industrial problems through software products built on Artificial Intelligence, Machine Learning, and Advanced Analytics technologies.