Octopus Digital Limited (PSX: OCTOPUS) has received approval from its Board of Directors for a significant acquisition, marking strategic advancements in its business portfolio. The company is set to acquire the entire shareholding of Empiric AI (Private) Limited (EPL), a wholly owned subsidiary of Avanceon Limited (AVN).
The approval, disclosed to the Pakistan Stock Exchange, also encompasses the purchase of the entire shareholdings of Octopus Digital Inc., Pennsylvania USA (formerly Engro Innovative, Inc.), a wholly owned subsidiary of Avanceon FZE. Avanceon FZE is, in turn, the wholly owned subsidiary of AVN. This acquisition is to be carried out by Octopus Digital FZ-LLC, Dubai, UAE, a wholly-owned subsidiary of Octopus Digital Limited.
The transactions will be executed under the EPL Business Transfer/Sale Agreement and ODI Business Transfer/Sale Agreement, with the consummation subject to obtaining all necessary regulatory and corporate approvals.
The Board of Directors has further authorized the Chief Executive Officer and/or Chief Financial Officer and/or Company Secretary to seek the approval of the company’s members in accordance with Section 199 of the Companies Act, 2017, and other applicable laws.
Octopus Digital Limited primarily engages in IT-enabled services, encompassing online data/information storage, monitoring and review of employees’ efficiency, online monitoring of cost and production efficiency, and the sale and trade of related software and equipment.
The move signifies Octopus Digital’s strategic positioning in the evolving landscape of digital services and technology solutions. The company’s expansion through acquisitions aligns with its commitment to staying at the forefront of innovation in the IT sector.