KARACHI — Supernet Technologies Limited (PSX: STL) has approved a corporate and capital restructuring plan that will see the amalgamation of its group company, Supernet Limited (GEMSPNL), into STL, according to a stock exchange filing on Friday.
The proposed merger will consolidate the operations and assets of GEMSPNL into STL, creating a unified corporate structure under the Supernet Technologies umbrella. As part of the amalgamation process, STL will issue shares to relevant stakeholders in accordance with the agreed terms of the transaction.
The merger plan was formally tabled for shareholder consideration and has been approved and adopted, including provisions for any future amendments or conditions that may be required by the High Court of Sindh at Karachi.
The transaction remains subject to the sanction of the High Court in accordance with Section 279 to 283 of the Companies Act, 2017, which governs mergers and amalgamations in Pakistan.
Supernet, a longstanding player in Pakistan’s ICT and telecom infrastructure sector, is undertaking this restructuring to streamline group operations, consolidate resources, and potentially enhance shareholder value through unified governance and operations.
Further updates will follow upon court review and regulatory clearances.
