Avanceon Limited (PSX: AVN) has sold and transferred its partnership interest in Avanceon LP, a limited partnership in Pennsylvania, to Octopus Digital Inc. for $1.5 million.
In a stock filing to the Pakistan Stock Exchange (PSX), AVN said the sale and transfer were okayed by the board of directors of Avanceon Limited through circulation on April 13, 2023. As per the agreement, the company has also withdrawn from the “Company and GP”, sells, transfers, and assigns to the Company, all rights, titles, and interests in and to the Partnership Interest.
Octopus Digital Inc. Pennsylvania USA (formerly Engro Innovative, Inc.), is a “Special Purpose Vehicle company” and a wholly-owned subsidiary of Avanceon FZE Dubai UAE. According to the filing, Avanceon Limited Pakistan had a 25.0656 percent of the Limited Partnership Percentage Interest in Avanceon LP.
AVN has withdrawn from the “Company and GP”, sells, transfers, and assigns to the Company, all rights, titles, and interests in and to the Partnership Interest, added the filing.
The transfer includes the rights to the trademark and/or service mark/brand “AVANCEON” in territories forming part of the world other than the United States, Canada, or Mexico (“North America”).