Shareholders of iTANZ Technologies Limited (PSX: ITANZ) have approved an investment of up to AUD 21.857 million (approximately Rs. 4.34 billion) to acquire a 51 percent stake in Australia-based ITANZ Infinity Pty Limited.
The approval was granted during the company’s Extraordinary General Meeting (EOGM) held on June 27 in Lahore, with shareholders attending both in person and through a video link, according to a filing submitted to the Pakistan Stock Exchange (PSX).
The transaction was approved under Section 199 of the Companies Act, 2017, which governs investments in associated companies and undertakings. The investment terms were presented to shareholders in accordance with the requirements of the Companies Act.
Earlier this month, the company’s Board of Directors approved the proposed acquisition and convened the EOGM to obtain shareholder consent.
Under the approved structure, iTANZ will make the investment in installments over five years rather than through a single upfront payment. The company will also become entitled to receive dividends from ITANZ Infinity Pty Limited once the shares are transferred.
The acquisition follows iTANZ’s recent $3.5 million telecommunications technology contract in the Middle East and forms part of the company’s strategy to expand its international operations and strengthen its presence in overseas markets.
