Supernet Approves Merger with Supernet Technologies Limited

On Tuesday, Supernet officially sanctioned the proposed arrangement concerning its merger with Supernet Technologies Limited (STL), previously known as Hallmark Company Limited.

According to a notice issued to the Pakistan Stock Exchange (PSX), the scheme intends for the complete undertaking of Supernet, encompassing all assets, liabilities, privileges, obligations, rights, and business operations, to be merged, through amalgamation, into STL. Consequently, all shares of Supernet will be rendered void.

The notice further specified that a total of 101,619,475 ordinary shares of STL will be allocated and issued to Supernet’s shareholders, excluding STL, based on an exchange ratio of approximately 1.68 ordinary shares of STL for each ordinary share of Supernet held.

As a direct result of this merger, Supernet will be dissolved without undergoing a winding-up process and will be delisted from the PSX.

Supernet holds the distinction of being the first technology firm to be listed on the GEM Board of the PSX.

Established in 1995, Supernet stands as a prominent telecommunications service provider and systems integrator in the nation.