Telecard shareholders approve sale of 81.18% stake in Supernet to Hallmark

MG News | December 21, 2023 at 12:15 PM GMT+05:00

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December 21, 2023 (MLN): The shareholders of Telecard Limited (PSX: TELE) have approved to enter into a Share Purchase Agreement with Hallmark Company Limited for the sale and transfer of Telecard's entire shareholding in Supernet Limited, the company's filing on PSX showed today.

It consists of 100.217 million shares constituting approximately 81.18% of the issued and paid-up capital of Supernet to Hallmark, a direct subsidiary of Telecard Limited.

To note, this agenda was approved by the Board of Directors (BoD) of the company yesterday.

Telecard itself and its subsidiaries are 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 script is being traded at Rs8.54, up by 15 paisa or 1.79% compared to its previous close.

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