Supernet takes control of HCL with 62.84% acquisition

MG News | August 16, 2023 at 11:04 AM GMT+05:00

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August 16, 2023 (MLN): Hallmark Company Limited (PSX: HCL) has announced that the acquisition, which constitutes 62.84% of the total issued share capital of the company by Supernet Infrastructure Solutions Private Limited has been completed with effect from August 15, 2023, HCL’s filing on PSX revealed today.

This 62.84% shareholding in HCL represents 314,220 ordinary shares of face value Rs10/- each.

This acquisition was made by Supernet Infrastructure Solutions Private Limited through two methods:

(i) Pursuant to a Share Purchase Agreement dated April 12, 2023, entered into with Irtaza Zafar Sheikh and Gazpak Private Limited, and

(ii) Through a Mandatory Public Offer dated May 30, 2023.

As a result, all the 07 directors have stepped down effective August 15, 2023, and 07 new directors (who are nominees of Supernet Infrastructure Solutions Private Limited) have been appointed as set out in form 20.

Additionally, Wanda Dolores Fajardo has ceased to be the Chairman of the company with effect from August 15, 2023, and Syed Aamir Hussain has been appointed as the Chairperson of the company.

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