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Technology TELE (Telecard Limited) 15.55 Decreased By ▼ -0.64%

Telecard likely to get its subsidiary listed at the bourse

  • The Board of Directors, in its meeting, has authorized the Company to explore the option for listing of its subsidiary Supernet Limited.
03 May 2021

Pakistan’s telecommunication service provider, Telecard Limited is eyeing to get its subsidiary Supernet Limited listed at the Pakistan Stock Exchange (PSX).

The Board of Directors, in its meeting, has authorized the Company to explore the option for listing of its subsidiary Supernet Limited.

“Accordingly, the management is authorized to take the initial steps for the purposes of proceeding with the same, including but not limited to, appointment of an advisor. The management shall submit a detailed presentation to the Board of Directors based on advice and findings of the advisor for its consideration,” read a statement to the bourse.

Furthermore, the Board of Directors has authorized the company to change the name of Telecard Limited to an appropriate name reflecting the changing nature of business of the Company.

As per the Telecard Limited financial statements, for the period ending 31 December 2020, the company has reported a profit after taxation of Rs. 194 million as against a loss of Rs. (8.6) million during the corresponding financial period. The profit per share stood at Rs. 0.64 compared to a loss of Rs. (0.03) last year.

Cognizant of the emerging opportunities due to COVID, on a global basis, your Company is expanding its footprint into Enterprise Security Solutions and Business Process Software platforms by forming global alliances and leveraging in house expertise