Telecard Signs Agreement to Sell Entire Shareholding in Supernet to Hallmark

Telecard Limited (PSX: TELE) has entered into a Share Purchase Agreement (SPA) with Hallmark for its entire shareholding in Supernet Limited, the company informed the Pakistan Stock Exchange (PSX) on Thursday. Further to the authorization granted by the shareholders in TELE’s extraordinary general meeting held on 16 January 2024, the company has signed an SPA with Hallmark Company Limited for the sale and transfer of 100.2 million shares in equity constituting 81.18 percent of the issued and paid-up capital of Supernet Limited, the stock filing stated. “The consummation of the Proposed Transaction will be subject to (i) fulfillment of all conditions precedent under the SPA, and (ii) obtaining all applicable regulatory and corporate approvals as may be required,” the filing added. TELE is licensed to provide fully integrated telecommunications services, including basic wireless telephony, long-distance and international services, and payphones.