KARACHI: Dawood Hercules Corporation Ltd said on Thursday its board has approved the sale of a wholly owned subsidiary, Empiric AI Ltd, to Avanceon Ltd, which is a listed entity dealing in the automation and control equipment.

The transaction will take place under a share-swap arrangement. The sale will be in exchange for a “certain percentage of shares” in Octopus Digital Ltd, a subsidiary of Avanceon Ltd.

Furthermore, the board of Dawood Hercules Corporation Ltd also approved an investment in the shares of its associated companies, up to an aggregate amount of Rs5.35 billion, at the applicable quoted price on the Pakistan Stock Exchange on the date of the transaction.

The associated companies are Engro Fertilisers Ltd, Engro Polymer and Chemicals Ltd, Engro Powergen Qadirpur Ltd and Frieslandcampina Engro Pakistan Ltd.

Published in Dawn, October 7th, 2022