Nets International Communication Limited, listed on the Pakistan Stock Exchange under the ticker GEMNETS, has completed the full utilisation of its Initial Public Offering proceeds toward the repayment of a short-term finance facility with Habib Metropolitan Bank Limited. The development was confirmed in a final progress report reviewed by external auditors Abdul Khaliq & Co and subsequently disseminated through a formal notification to the Pakistan Stock Exchange.
The gross proceeds of the Initial Public Offering stood at Rs 36,760,000, with bank charges of Rs 50,906 deducted, resulting in net proceeds of Rs 36,709,094. The entire net amount was applied against the principal outstanding of Rs 36,709,054 under the short-term finance facility, leaving a zero balance with no accrued profit remaining. The clean repayment confirms that the company deployed its public offering funds with precision, matching the net proceeds almost exactly against the outstanding principal without leaving residual obligations on the facility.
The utilisation commenced from the date of release of all Initial Public Offering funds to the company on May 30, 2025, and was completed by June 2, 2025, well within the committed timeline. The progress report was prepared under the Public Offering Regulations, with the agreed-upon procedures engaged in accordance with the International Standard on Related Services 4400 (Revised) and directed to the General Manager of the Pakistan Stock Exchange Limited. The auditors performed two key verification procedures, tracing the Initial Public Offering amounts received through bank statements and verifying repayment details against short-term borrowings, and found no discrepancies in either procedure. The timely and fully audited closure of this facility reinforces the company’s adherence to its disclosed use-of-proceeds commitments made at the time of its public listing.
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