Telecard signs SPA with Hallmark for sale of its Supernet shares

MG News | February 15, 2024 at 12:27 PM GMT+05:00

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February 15, 2024 (MLN): Telecard Limited (PSX: TELE) has entered into a Share Purchase Agreement (SPA) with Hallmark Company Limited for the sale and transfer of Telecard's entire shareholding in Supernet Limited, the latest notice issued by the company on the local bourse showed today.

The shareholding comprises 100,216,722 shares, constituting 81.18% of Supernet's issued and paid-up capital, to be transferred to Hallmark.

To note, Hallmark is a direct subsidiary of Telecard Limited.

The consummation of this proposed transaction will be subject to fulfilment of all conditions precedent under the SPA, and obtaining all applicable regulatory and corporate approvals as may be required, the notice said.

To recall, the authorization was already granted by the shareholders in the extraordinary general meeting held on January 16, 2024,

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