Telecard board proposes Rs564.12 million investment in Supernet Technologies rights issue

Telecard Limited’s board has recommended an investment of up to Rs564.124 million in a proposed rights issue by its subsidiary, Supernet Technologies Limited, according to a disclosure submitted to the Pakistan Stock Exchange on Friday. 

The proposed investment amounts to Rs564,123,954 and would be made at a maximum price of Rs10 per share of Supernet Technologies.

Telecard said the proposed rights issue is expected to be carried out by its subsidiary in the near future. Supernet Technologies had disclosed the planned transaction on June 1, 2026.

The recommendation was approved through resolutions circulated among Telecard’s board of directors on June 5.

The investment remains subject to approval by Telecard shareholders under Section 199 of the Companies Act, 2017.

Telecard’s board has authorised the management to take the required steps for securing shareholder approval, including convening an extraordinary general meeting.

The company said details of the meeting would be shared in due course.

Telecard Limited was incorporated in Pakistan on October 29, 1992, as a public limited company under the repealed Companies Ordinance, 1984. The company itself and through its subsidiaries is licensed to provide fully integrated telecommunications services, including basic wireless telephony, long distance and international services and payphones.