AGC Networks Pte. Limited,(" AGC Singapore"), Wholly-owned Subsidiary of the Company & AGC Networks Inc. ("AGC US"), Wholly-owned Subsidiary of AGC Singapore, have jointly entered into a Stock Purchase Agreement with COPC Holdings Inc. ("Target Company") and Global Quality Assurance Limited ("Seller") on April 9, 2019 in USA to acquire 100% stake in the Target Company for a purchase consideration of US$ 5,500,000 (US Dollars Five Million Five Hundred Thousand Only).
The said acquisition is anticipated to be completed by April 30, 2019.
COPC is a multinational consulting company that helps customers to increase sales, improve customer satisfaction, and build brand loyalty by helping them address root causes of customer issues and better manage complex customer.
This acquisition is part of the long term expansion strategy of the company which will provide access to new set of customer. This will facilitate cross sale of AGC services and technology products to COPC customers which are primarily call center companies who are the leading buyers of technology products and services offered by AGC.
The consideration of US$ 5.50 Million will be paid partly through assignment of receivables and balance through cash consideration in US$.
AGC Networks Pte Ltd, ("AGC Singapore") wholly owned subsidiary of AGC Networks Limited, will acquire 35% voting rights in the Target Company for purchase consideration of USO 1,925,000 payable partly by way of assignment of receivables and partly in cash.
AGC Networks Inc, Delaware USA ("AGC US") wholly owned subsidiary of AGC Singapore, will acquire 65% voting rights in the Target Company for purchase consideration of USO 3,575,000 payable partly by way of assignment of receivables and partly in cash.
Shares of AGC Networks Limited was last trading in BSE at Rs.117 as compared to the previous close of Rs. 119. The total number of shares traded during the day was 1529 in over 29 trades.
The stock hit an intraday high of Rs. 117 and intraday low of 112. The net turnover during the day was Rs. 174092.