ITANZ Technologies approved Rs4.34 billion investment for 51% stake acquisition in Australian company

ITANZ Technologies Limited's board has approved an investment of up to 21.857 million Australian Dollars, equivalent to approximately Rs4.344 billion, to acquire a 51% equity stake in Australia-based associated company ITANZ Infinity Pty Ltd.

ITANZ disclosed the development in a notice submitted to the Pakistan Stock Exchange (PSX) under Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of the PSX Regulations.

According to the notice, the decision was approved by ITANZ Technologies Limited’s Board of Directors during a meeting held on Saturday, June 6, 2026.

ITANZ Infinity Pty Ltd is incorporated in Australia and has been classified as an associated company of ITANZ Technologies Limited.

Under the agreed terms, ITANZ Technologies Limited will settle the full investment amount over a period of five years rather than making an upfront payment.

The company will become entitled to dividends from ITANZ Infinity Pty Ltd from the date on which the shares are transferred.

The proposed transaction remains subject to approval by shareholders of ITANZ Technologies Limited under Section 199 of the Companies Act 2017, which governs investments in associated companies and undertakings.

To obtain shareholders’ consent, the company has called an Extraordinary General Meeting for Saturday, June 27, 2026, at 10 am at its office in Lahore. Shareholders will also be able to attend virtually through a video conference facility.

The acquisition would give ITANZ Technologies Limited a controlling 51% shareholding in the Australian company once the transaction is completed and the shares are transferred.