NETSOL distances itself from speculative media reports

February 22, 2021 (MLN): Netsol Technologies Limited has issued a clarification to Pakistan Stock Exchange, wherein it has denied having any connection with a recent article containing price-sensitive information, written by an independent blogger that is being circulated on social media platforms.

‘We strongly recommend to all stakeholders to follow PSX website (PSX notices/companies’ announcements) for all official announcements’, the company said.

The news article titled “NETSOL tech ranked among top system integrators by U.S-based ‘Big Market Research’”, claimed that “NETSOL technologies had made its way to the top ‘Global Equipment Software Market’ players who are planning to expand opportunities in the market”.

The article also added that the company had been upgraded by TheStreet from a “c” rating to a “b-” rating in a note issued to investors.

It is pertinent to note that the company was recently questioned by the Pakistan Stock Exchange if it was aware of any reason/material information which may have resulted in unusual movement in the price and volume of Netsol, to which the company responded in negative.

Netsol’s last material announcement was made in December, wherein the company informed that its sister concern in China had signed an agreement with a global automotive financial services company to upgrade from the Company’s legacy NFS system to its premier, next-generation Ascent platform.

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Posted on: 2021-02-22T16:05:00+05:00

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