Telecard Ltd acquires majority shareholding in Hallmark Company Ltd

MG News | November 24, 2023 at 10:44 AM GMT+05:00

0:00

November 24, 2023 (MLN): Telecard Limited (PSX: TELE) has acquired the majority shareholding in Hallmark Company Limited (PSX: HCL) from Supernet Infrastructure Solutions (Private) Limited, the company’s filing on the local bourse revealed today.

The purchase agreement comprises 314,220 shares, equivalent to 62.84% of Hallmark's issued and paid-up capital, for an amount equivalent to Rs15 million.

The consummation of the transaction will be subject to the procurement of all applicable conditions precedent set out in the share purchase agreement including but not limited to corporate approvals as may be required.

Telecard is licensed to provide fully integrated telecommunications services, including basic wireless telephony, long-distance and international services, and payphones.

At the time of writing, the company's share is being traded at Rs9.11, down by 0.76% compared to its previous close.

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