Telecard Limited (PSX: TELE) has unveiled a pivotal development, announcing its foray into a Share Purchase Agreement (SPA) with Hallmark to divest its entire shareholding in Supernet Limited. The disclosure, communicated to the Pakistan Stock Exchange (PSX) on Thursday, signals a strategic maneuver by Telecard Limited within the telecommunications arena.
With the green light from shareholders secured during an extraordinary general meeting on January 16, 2024, Telecard Limited has formalized an SPA with Hallmark Company Limited for the transfer of 100.2 million shares, comprising 81.18 percent of Supernet Limited’s issued and paid-up capital, as detailed in the stock filing.
“The consummation of the Proposed Transaction will be subject to (i) fulfillment of all conditions precedent under the SPA, and (ii) obtaining all applicable regulatory and corporate approvals as may be required,” emphasized the filing.
Telecard Limited, holding a license for comprehensive telecommunications services, spanning basic wireless telephony, long-distance and international services, and payphones, solidifies its stature as a prominent industry player.
