As of March 27, 2024, Telecard Limited (PSX: TELE) successfully executes the first tranche of its shareholding sale in Supernet Limited. This phase comprises around 63 million shares, equivalent to 51% of Supernet’s issued and paid-up capital, transferred to Hallmark Company Limited.
On December 21, 2023, shareholders of Telecard Limited (PSX: TELE) voted in favor of a transformative decision: the sale and transfer of Telecard’s entire shareholding in Supernet Limited to Hallmark Company Limited. This pivotal move, unveiled in the company’s filing on PSX, signifies a strategic shift in Telecard’s trajectory.
SHARE PURCHASE AGREEMENT (SPA)
The Share Purchase Agreement (SPA) entails the transfer of 100.217 million shares, constituting approximately 81.18% of Supernet’s issued and paid-up capital, to Hallmark, a direct subsidiary of Telecard Limited. This momentous decision, sanctioned by the Board of Directors, lays the groundwork for future growth and innovation within Telecard’s ecosystem.
Telecard and its subsidiaries are renowned for providing fully integrated telecommunications services, including basic wireless telephony, long-distance and international services, and payphones. This strategic realignment underscores Telecard’s commitment to pioneering advancements in the telecommunications sector.
HALLMARK’S POSITION: ACQUISITION OF 100,216,722 SHARES
Fast forward to February 15, 2024, Telecard Limited (PSX: TELE) officially enters into the Share Purchase Agreement with Hallmark Company Limited. The SPA encompasses the transfer of 100,216,722 shares, solidifying Hallmark’s position as a key stakeholder in Supernet Limited.
The completion of this transaction is contingent to the satisfaction of all preconditions prior under the SPA and the acquisition of all corporate and regulatory approvals. Interestingly, on January 16, 2024, at an extraordinary general meeting, shareholders gave their approval.
