Supernet approves merger with Supernet Technologies Limited

Supernet approved on Tuesday the proposed arrangement pertaining to the merger of the company with and into Supernet Technologies Limited (STL), formerly Hallmark Company Limited.

“In terms of the scheme, it is intended, inter alia, that the entire undertaking of the company (including assets, liabilities, privileges, obligations, rights and business) shall be merged, by way amalgamation, with and into STL, and all the shares of the company shall stand cancelled,” the company wrote in a notice to Pakistan Stock Exchange (PSX).

It added that an aggregate of 101,619,475 ordinary shares of STL shall be allotted and issued to the shareholders of the company (other than STL, as a shareholder the company), based on a swap ratio of approximately 1.68 ordinary shares of STL for every one ordinary share of Supernet held by such shareholders of Supernet.

“As a consequence of the merger, the company shall stand dissolved without winding up and delisted from the PSX.”

Supernet is the first technology company to be listed on the GEM Board of the PSX.

Founded in 1995, it is one of the country’s leading telecommunications service providers and systems integrators.