Hallmark to finance Supernet acquisition with rights issue

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MG News | April 30, 2024 at 03:39 PM GMT+05:00

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April 30, 2024 (MLN): The Board of Directors of Hallmark Company Limited (PSX: HCL) has resolved to carry out a right issue of ordinary shares, aiming to raise funds for acquiring Telecard Limited's (PSX: TELE) entire shareholding in Supernet Limited (PSX: GEMSPNL).

The company disseminated this information through a notice issued to the local bourse today

This acquisition involves around 100 million shares (81.18% of Supernet's capital).

The right issue will be valued at up to Rs400m, with shares expected to be issued at a face value of Rs10, pending legal compliance.

Telecard signs SPA with Hallmark for sale of its Supernet shares

The Board further resolved that it shall approve and announce the actual right issue (if the company proceeds with its intention to issue right shares) at a future date.

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