Humnl to explore the potential acquisition of Tower Sports and Sphere Ventures

The Board of Directors (BoD) of Hum Network Limited (PSX: HUMNL) approved management on Wednesday to explore the viability of acquiring Tower Sports (Private) Limited and Sphere Ventures (Private) Limited.

Ten Sports and Ten Sports 2’s landing rights are presently held by Tower Sports. It is also in charge of supervising both channels’ sales and distribution.

Meanwhile, Sphere Ventures (Private) Limited is a company that deals with children’s content.

Furthermore, management has been permitted to select experts and consultants to evaluate the feasibility, including due diligence and valuation, for ultimate approval by the Board of Directors.

In a notice sent to the Pakistan Stock Exchange (PSX) on 20th October, HUMNL announced that “it’s 100% owned subsidiary, HUM NETWORK FZ LLC., has entered into an arrangement with GS Group Inc. as General Partners (GPs) where the GPs will work together to launch and manage a fund named Pakistan Katalytic Fund (PKF) with an expected fund size of close to $50 million.

“Through PKF, GPs will invest the funds of different limited partners in technology and related companies which have the potential to scale their business with an objective of generating target returns for investors,” read the notice.

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