Telecard approves selling entire shareholding in Supernet to Hallmark

Telecard Limited’s board has approved and authorised the selling of its complete shareholding in its subsidiary, Supernet Limited to Hallmark Company Limited.

In a notice sent to the Pakistan Stock Exchange (PSX) on Tuesday, Telecard said that the decision was made in an extraordinary general meeting of the board conducted on January 16, 2024. 

Telecard's entire shareholding in Supernet constitutes 100,216,722 shares – 81.18% of the total issued and paid-up share capital.

Telecard’s entire shareholding in Supernet is sold to its other direct subsidiary Hallmark Company Limited. The transaction amount of selling complete shareholding is Rs 1.31 billion, read the notice.

Another notice by Hallmark suggests that the company's extraordinary general meeting held on January 15 approved making an equity investment in its associated company, Supernet Limited.

Hallmark's notice further reports an increase in authorised share capital from Rs 1.25 billion to Rs 1.5 billion.