Avanceon Explained

Avanceon Limited
Former Name:Innovative Automation and Engineering Ltd (IAEL)
Type:Public
Traded As:
KSE 100 component
Founder:Bakhtiar Hameed Wain
Industry:Information technology
Area Served:Pakistan, Qatar, United Arab Emirates, Saudi Arabia, United States, Kazakhstan[1]
Key People:Bakhtiar Hameed Wain (CEO)
Khalid Hameed Wain (Chairman)
Num Employees:246 (2022)[2]
Location:The Avanceon Building, Main Multan Road, Lahore
Subsid:Avanceon FZE Dubai, Avanceon Automation & Control W.L.L Qatar, Octopus Digital

Avanceon Limited is a Pakistani technology company headquartered in Lahore and active in the industrial automation space.[3] [4]

Avanceon's activities are to trade products of automation and control equipments to provide related technical services.[3]

Avanceon subsidiaries include Avanceon FZE Dubai,[5] [6] Avanceon Automation & Control W.L.L Qatar,[7] Octopus Digital,[8] and Avanceon Saudi for Energy Co. WLL.[9]

History

Founded in 1989 in Pakistan by Bakhtiar Wain as Innovative Automation and Engineering Ltd (IAEL), the company's majority stakes was acquired by Engro Corporation which merged it with Advanced Automation Associates (AAA) to eventually rebrand it as Avanceon.[10] Avanceon was converted to a public company in 2008.[11] Engro Corp. divested its shareholding in Avanceon in 2012.[10]

In 2014, Avanceon was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 14.[10]

Subsidiaries

Notes and References

  1. News: Tariq . Umer . Avanceon Secures First Project in Caspian Region . 24 July 2023 . ProPakistani . 21 March 2023 . en.
  2. Web site: Annual Report 2022 . Avanceon Ltd. . 16 July 2023 . en . April 2023.
  3. News: ANV - Stock quote for Avanceon Limited . 16 July 2023 . Pakistan Stock Exchange (PSX).
  4. News: Shahnawaz . Hamza . Avanceon partners to upgrade fertilizer company . 24 July 2023 . Pkrevenue.com . 26 July 2022 . en.
  5. News: AVN sells partnership interest in Avanceon LP to Octopus Digital for $1.5mn . 24 July 2023 . Mettis Global Link . 13 April 2023 . en.
  6. News: Avanceon signs $3.6m contract with Dubai Metro . 24 July 2023 . DAWN.COM . 2 September 2021 . en.
  7. News: Avanceon's subsidiary awarded major municipality contract in Qatar . 24 July 2023 . Profit by Pakistan Today . 5 July 2023 . en.
  8. News: Avanceon subsidiary Octopus Digital to go public . 24 July 2023 . Profit by Pakistan Today . 11 October 2020 . en.
  9. News: Avanceon selected to execute Masjid Al-Haram expansion project in Makkah . 24 July 2023 . Mettis Global Link . 21 February 2022 . en.
  10. News: Hassan . Taimoor . While PSX has a horrible year, one company more than doubled its share price . 24 July 2023 . Profit by Pakistan Today . 31 December 2018 . en.
  11. News: Avanceon Limited . 24 July 2023 . Business Recorder . 12 June 2023 . en.
  12. News: Hassan . Taimoor . The rising Octopus . 16 July 2023 . Profit by Pakistan Today . 16 October 2022 . en.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Avanceon".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.