Telecard Limited has announced its decision to divest its complete shareholding in Supernet Limited, revealing the move in a notification to Pakistan Stock Exchange (PSX) on Wednesday. This strategic decision comes as part of Telecard’s ongoing group reorganization efforts.
The Board of Directors at Telecard Limited, in a resolution by circulation dated December 19, 2023, has granted approval for the company to enter into a Share Purchase Agreement with Hallmark Company Limited. Hallmark, being a direct subsidiary of Telecard Limited, will acquire the entire shareholding of Telecard in Supernet Limited. This transaction encompasses 100,216,722 shares, constituting approximately 81.18 percent of the issued and paid-up capital of Supernet, according to the notice submitted to PSX.
The completion of this proposed transaction remains contingent on the approval of the company’s shareholders and the procurement of all necessary regulatory and corporate approvals. Telecard Limited has indicated that it will promptly issue a notice for an extraordinary general meeting to keep shareholders informed about the details of the transaction.
This strategic move reflects Telecard’s commitment to optimizing its corporate structure and aligning its business portfolio with evolving market dynamics. The company’s shareholders and the regulatory landscape will play pivotal roles in shaping the trajectory of this significant divestment.
