Telecard Sells First Tranche of Shares in Supernet to Subsidiary

Telecard Limited (PSX: TELE) has sold the first tranche of its shareholding in Supernet Limited (PSX: GEMSPNL) to Hallmark Company Limited, the tech company informed the main bourse on Wednesday. The transaction comprises 62.9 million shares constituting 51 percent of the issued and paid-up capital of Supernet Limited. The company first entered into a Share Purchase Agreement (SPA) with Hallmark in February for the sale and transfer of 100.2 million shares in equity constituting 81.18 percent of Supernet Limited. Hallmark Company Limited is a subsidiary of Telecard. TELE is licensed to provide fully integrated telecommunications services, including basic wireless telephony, long-distance and international services, and payphones.