Octopus Digital Limited (PSX: OCTOPUS) has received the green light from its Board of Directors for strategic acquisitions. The company is set to acquire the entire shareholding of Empiric AI (Private) Limited (EPL), a wholly-owned subsidiary of Avanceon Limited (AVN), according to the EPL Business Transfer/Sale Agreement.
Additionally, OCTOPUS has gained approval for the purchase/acquisition of the complete shareholdings of Octopus Digital Inc., Pennsylvania USA (formerly Engro Innovative, Inc.), a wholly-owned subsidiary of Avanceon FZE, itself a wholly-owned subsidiary of AVN. Octopus Digital FZ-LLC, Dubai, UAE, a wholly-owned subsidiary of OCTOPUS, will execute the ODI Business Transfer/Sale Agreement.
The company’s filing with the Pakistan Stock Exchange revealed that the Chief Executive Officer, Chief Financial Officer, and/or Company Secretary are authorized to secure approval from the members of the company under Section 199 of the Companies Act, 2017, and other applicable laws.
However, the completion of these transactions is contingent upon obtaining all necessary regulatory and corporate approvals.
OCTOPUS specializes in IT-enabled services, encompassing online data/information storage, monitoring and reviewing employees’ efficiency, overseeing cost and production efficiency, as well as the monitoring and maintenance of plant and machinery. The strategic acquisitions signify OCTOPUS’s commitment to expanding its capabilities and market presence in the IT sector.
