STL advances GEMSPNL merger with major share allotment

March 30, 2026 (MLN): Supernet Technologies Limited (PSX: STL) and its group company Supernet Limited (GEMSPNL) are moving forward with their corporate and capital reorganization involving the merger of GEMSPNL into the Company, following the Scheme of Arrangement dated May 27, 2025, and sanctioned by the High Court of Sindh at Karachi on February 24, 2026.

The Board of Directors of the Company, through resolutions passed on March 30, 2026, approved the allotment and issuance of 5,500,000 ordinary shares to STL shareholders as of the record date of March 25, 2026, in the ratio of 11 ordinary shares of the Company for every 1 ordinary share held.

Additionally, 101,619,475 ordinary shares of the Company will be allotted to eligible shareholders of GEMSPNL as of the record date of March 25, 2026, on the basis of a swap ratio of approximately 1.68 ordinary shares of STL for every 1 ordinary share of GEMSPNL, subject to adjustment of fractional shares.

No fractional shares will be allotted, and all fractional entitlements will be consolidated into whole shares to be held in trust by the Company Secretary or a nominated person, with proceeds after expenses donated to a registered charitable institution.

The Board authorized management to undertake all actions and formalities necessary to complete the Scheme and related matters.

The aforementioned information was disseminated through a notification to Exchange.

Copyright Mettis Link News