Supernet Technologies completes share allotment after merger

KARACHI: Supernet Technologies Limited has completed a key post-merger milestone in its corporate restructuring process, announcing the allotment of more than 107 million ordinary shares following its merger with Supernet Limited.

In a disclosure submitted to the Pakistan Stock Exchange, the company said its board had approved the share allotment under a Scheme of Arrangement sanctioned by the High Court of Sindh through an order dated February 24, 2026. The approval follows a series of earlier disclosures issued between January 2025 and April 2026 regarding the proposed corporate and capital reorganisation.

Under the approved scheme, STL has issued approximately 5.5 million ordinary shares to its existing shareholders, based on a record date of March 25, 2026. The shares were allotted at a ratio of 11 ordinary shares for every one share held.

In addition, the company allotted around 101.6 million ordinary shares to eligible shareholders of GEMSPNL. These shares were issued at an approved swap ratio of about 1.68 STL shares for each GEMSPNL share, subject to fractional adjustments in line with the scheme.

The company confirmed that shares issued in book-entry form have been credited to shareholders’ accounts through the Central Depository System operated by the Central Depository Company of Pakistan Limited, while physical share certificates, where applicable, are being dispatched separately.

The development marks a significant step in finalising the merger, aimed at consolidating operations under the listed entity. As part of the process, GEMSPNL has been formally delisted from the exchange, effective April 1, 2026, in accordance with a notice issued by the Pakistan Stock Exchange after the company met all regulatory requirements.

Following the delisting, GEMSPNL stands dissolved without winding up, while STL will continue to trade on the PSX’s Main Board.

Copyright Business Recorder, 2026