Telecard to change its name to Telecore Technologies Ltd

December 7, 2021 (MLN): Telecard Limited, in its extraordinary general meeting which is scheduled to take place on 24th December 2021, will pass or consider special resolution to change the name of the company from Telecard Limited to Telecore Technologies Limited.

This special resolution will be subject to the approval of the SECP under section 12 of the companies act 2017.

As per the company’s notice to PSX, Telecard is now actively developing its technology-based business through its subsidiaries. As a result, the company has decided to change its name from Telecard Limited to Telecore Technologies Limited in order to better reflect the nature of its business.

Telecard Limited (TELE) is a premium Enterprise Solutions, providing a wide range of telecommunication and ICT/technology products and solutions across all industry verticals and business segments.

The company also announced a listing of its subsidiary Supernet Limited (SNL) on the stock exchange in April of this year to expand its footprint in the technology sector, However, the company deferred its plans of listing SNL on PSX due to debt on the balance sheets as it had raised Rs 2.4 billion through its TeleTFC.

For the nine months ended September 30, 2021, Telecard recorded net revenues of Rs330 million translating into a net profit of Rs65 million as against a profit after taxation Rs24 million during the corresponding financial period.

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