Telecard Limited’s shareholders (PSX: TELE) have given the green light for the company to divest its entire stake of 100.2 million shares in Supernet Limited, according to an announcement made on Tuesday at the Pakistan Stock Exchange.
In compliance with Section 183(3) of the Companies Act, 2017, the resolution grants the company the authority to sell its complete shareholding in its subsidiary, Supernet Limited. This comprises 81.18 percent of Supernet’s issued and paid-up share capital, totaling 100,216,722 shares. The buyer is identified as Hallmark Company Limited, a direct subsidiary of Telecard Limited. The transaction is valued at Rs. 1.3 billion, as indicated in the stock filing.
Furthermore, the company has empowered either Chief Executive Officer/Director Syed Aamir Hussain or Director/Company Secretary Waseem Ahmad to undertake any necessary actions in accordance with the resolution. This includes overseeing all legal and corporate formalities associated with the transaction and performing any acts deemed necessary or expedient for its successful conclusion.
Telecard Limited holds a license to deliver fully integrated telecommunications services, encompassing basic wireless telephony, long-distance and international services, as well as payphones.
