Supernet Limited (PSX: GEMSPNL) has announced its Board of Directors’ resolution to relocate the company’s registered office from Islamabad Capital Territory to the Province of Sindh. The decision was formalised during a meeting on January 1, 2025, according to a notification issued to the Pakistan Stock Exchange (PSX).
The move entails an amendment to the company’s Memorandum of Association, aligning with the proposed relocation. Supernet clarified that the decision remains contingent upon obtaining confirmation from the Securities and Exchange Commission of Pakistan (SECP) and the approval of shareholders at an upcoming Extraordinary General Meeting (EGM).
The process will be carried out in compliance with Sections 21 and 32 of the Companies Act, 2017, alongside other applicable laws and regulatory requirements.
By moving its registered office, the company will now be liable to pay its taxes to the Sindh Revenue Board (SRB) as opposed to the Federal Board of Revenue (FBR). It is important to note that the standard sales tax rate and input tax credits both leave the company significantly better off in Sindh which has a sales tax rate of 15% as opposed to 19.5% in the ICT.
Supernet Limited has not disclosed the specific reasons for the proposed relocation but noted that it marks a significant operational adjustment for the company, which operates in Pakistan’s rapidly evolving telecommunications and technology landscape.
