Telecard shareholders greenlight sale of 81.8% stake in Supernet to Hallmark

MG News | January 16, 2024 at 03:31 PM GMT+05:00

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January 16, 2024 (MLN): The shareholders of Telecard Limited (PSX: TELE) have given their approval for the sale of the complete shareholding of 100.217 million shares, constituting 81.8% of its subsidiary, Supernet Limited, to Hallmark Company Limited (PSX: HCL), as revealed in a notice issued by the company today.

The sale agreement is valued at an equivalent amount of Rs1.309bn.

Notably, the aforementioned agenda was endorsed by the sponsors in their Extraordinary General Meeting today, following the approval by the Board of Directors (BoD) on December 20.

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