Avanceon
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| Formerly | Innovative Automation and Engineering Ltd (IAEL) |
|---|---|
| Company type | Public |
| PSX: AVN | |
| ISIN | PK0107501014 |
| Industry | Information technology |
| Founded | 2003 |
| Founder | Bakhtiar Hameed Wain |
| Headquarters | The Avanceon Building, Main Multan Road, Lahore |
Area served | Pakistan, Qatar, United Arab Emirates, Saudi Arabia, United States, Kazakhstan[1] |
Key people | Bakhtiar Hameed Wain (CEO) Khalid Hameed Wain (Chairman) |
Number of employees | 246 (2022)[2] |
| Subsidiaries | Avanceon FZE Dubai, Avanceon Automation & Control W.L.L Qatar, Octopus Digital |
| Website | avanceon.ae |
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[edit]
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[edit]
- Octopus Digital[12]
References[edit]
- ^ Tariq, Umer (21 March 2023). "Avanceon Secures First Project in Caspian Region". ProPakistani. Retrieved 24 July 2023.
- ^ "Annual Report 2022" (PDF). Avanceon Ltd. April 2023. Retrieved 16 July 2023.
- ^ a b "ANV - Stock quote for Avanceon Limited". Pakistan Stock Exchange (PSX). Retrieved 16 July 2023.
- ^ Shahnawaz, Hamza (26 July 2022). "Avanceon partners to upgrade fertilizer company". Pkrevenue.com. Retrieved 24 July 2023.
- ^ "AVN sells partnership interest in Avanceon LP to Octopus Digital for $1.5mn". Mettis Global Link. 13 April 2023. Retrieved 24 July 2023.
- ^ "Avanceon signs $3.6m contract with Dubai Metro". DAWN.COM. 2 September 2021. Retrieved 24 July 2023.
- ^ "Avanceon's subsidiary awarded major municipality contract in Qatar". Profit by Pakistan Today. 5 July 2023. Retrieved 24 July 2023.
- ^ "Avanceon subsidiary Octopus Digital to go public". Profit by Pakistan Today. 11 October 2020. Retrieved 24 July 2023.
- ^ "Avanceon selected to execute Masjid Al-Haram expansion project in Makkah". Mettis Global Link. 21 February 2022. Retrieved 24 July 2023.
- ^ a b c Hassan, Taimoor (31 December 2018). "While PSX has a horrible year, one company more than doubled its share price". Profit by Pakistan Today. Retrieved 24 July 2023.
- ^ "Avanceon Limited". Business Recorder. 12 June 2023. Retrieved 24 July 2023.
- ^ Hassan, Taimoor (16 October 2022). "The rising Octopus". Profit by Pakistan Today. Retrieved 16 July 2023.
External links[edit]
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