Telecard to Sell Entire Shareholding in Supernet to Hallmark

Telecard Limited has decided to sell its entire shareholding in Supernet Limited to Hallmark, the company informed the Pakistan Stock Exchange (PSX) on Wednesday. As part of the ongoing group reorganization, the Board of Directors of Telecard Limited through resolution by circulation dated 19 December 2023 have approved entering into a Share Purchase Agreement with Hallmark Company Limited (a direct subsidiary of the Company) for the sale and transfer of Telecard’s entire shareholding in Supernet Limited (i.e. 100,216,722 shares constituting approximately 81.18 percent of the issued and paid-up capital of Supernet) to Hallmark, read the notice to PSX. The company said that the consummation of the proposed transaction will be subject to the approval of the shareholders of the company and procurement of all applicable regulatory and corporate approvals as may be required. The company will accordingly be issuing the notice for the extraordinary general meeting in due course, it added.