Sindh High Court approves Supernet merger under Telecard restructuring plan

The Sindh High Court (SHC) has approved and sanctioned a scheme of arrangement involving the merger of Supernet Limited (SNL) with and into Supernet Technologies Limited (STL), subsidiaries of Telecard Limited, according to disclosures filed with the Pakistan Stock Exchange (PSX) on Thursday.

The court allowed the merger petition through an order dated February 24, 2026, in J.C.M. No. 24 of 2025. The scheme has been deemed effective from January 1, 2025.

The merger forms part of a broader corporate and capital reorganisation initiated earlier in 2025. Under the approved arrangement, Supernet Limited has been merged with and into Supernet Technologies Limited in accordance with Sections 279 to 283 and 285(8) of the Companies Act, 2017.

As part of the scheme, Supernet Technologies Limited will allot and issue ordinary shares to eligible shareholders of Supernet Limited. The record date for determining shareholder entitlements will be fixed by the directors in due course, in line with the approved framework.

Following the merger, all assets, liabilities and obligations of Supernet Limited stand consolidated into Supernet Technologies Limited.

The companies have stated that shareholders will be informed of further developments as the process progresses.