SIS exits Hallmark, transfers all shares to Telecard

MG News | December 01, 2023 at 11:45 AM GMT+05:00

0:00

December 01, 2023 (MLN): The Supernet Infrastructure Solutions (Private) Limited (SIS) has transferred its entire shareholding of Hallmark Company Limited (PSX: HCL), i.e. 314,220 shares, constituting 62.84% of the issued and paid-up capital of HCL to Telecard Limited (PSX: TELE).

Telecard informed its shareholders through a notice sent to the local bourse today.

TELE is Hallmark’s ultimate holding company, pursuant to the share purchase agreement dated November 23, 2023.

To note, last week the company had acquired the majority shareholding in HCL from SIS.

The purchase agreement comprised 314,220 shares for an amount equivalent to Rs15 million, i.e. Rs47.74 per share.

It is pertinent to note that TELE were not holding any shares of HCL prior to this acquisition.

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