AGC Networks Ltd arm to acquire Z Services HQ DMCC

Black Box Holdings Limited (hereinafter referred to as "Acquirer" or "Black Box"), Indirect Wholly-Owned Subsidiary of AGC Networks Limited ("the Company"), has entered into a Share Sale Agreement with Z Services Holding Ltd., a BVI business company incorporated in the British Virgin Islands (collectively referred to as "Seller") on 11th March 2021, to acquire 76% of shares of Z Services HQ DMCC ("Target Company being limited liability company incorporated under laws of Dubai Multi Commodities Centre ("DMCC"), for total consideration of approx. USD 3.94 million, payable at the time of closing.

The said acquisition is anticipated to be completed within 60 days of signing the share purchase agreement.

The target company is engaged in the business of providing services in relation to cloud cyber security architecture that includes Web, Email, Cloud Application, Unified Access Management, Cyber Forensic, Security Operation Center, Incident Response and Risk Cyber Security

The said acquisition of Target Company will help AGC to strengthen presence in Middle East region and also add cloud cybersecurity capabilities to offer wider range of services to our customers.

This will also give rise to an opportunity to cross sell to the current customers.

Shares of AGC Networks Limited was last trading in BSE at Rs.1069.9 as compared to the previous close of Rs. 1036. The total number of shares traded during the day was 1542 in over 62 trades.

The stock hit an intraday high of Rs. 1070 and intraday low of 1021. The net turnover during the day was Rs. 1620527.

Source : Equity Bulls

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