Supernet Subsidiary Completes Purchase of Listed Shares to Go Public

Supernet Infrastructure Solutions (Private) Limited has bought majority shares in Hallmark Company Limited (PSX: HCL) to become a publicly traded firm and avoid filing for an IPO.

“This is also in continuation of our various earlier announcements to the Pakistan Stock Exchange Limited (“PSX”) in connection with the acquisition of 314,220 ordinary shares of face value PKR. 10/- each share of the Company, constituting 62.84% of the total issued share capital of the Company by Supernet Infrastructure Solutions Private Limited, (i) in terms of Share Purchase Agreement dated April 12, 2023 entered into with Mr. Irtaza Zafar Sheikh and Gazpak Private Limited and (ii) through a Mandatory Public Offer dated May 30, 2023 to the remaining shareholders of the Company (“Acquisition”),” the filing stated.

It said, “This is to inform you that the Acquisition has now been completed with effect from August 15, 2023. As a result, all the 07 directors have stepped down effective August 15, 2023, and 07 new directors (who are nominees of Supernet Infrastructure Solutions Private Limited) have been appointed as set out in Form – 20”.

Wanda Dolores Fajardo has ceased to be the Chairman of the Company with effect from August 15, 2023, and Syed Aamir Hussain has been appointed as the Chairperson of the Company, the filing added.

On 13 April 2023, HCL sent a letter to the PSX, detailing that its shareholders and the Board of Directors of Gazpak (Private) Limited, had agreed to sell all of the Company’s shares to Supernet Infrastructure Solutions..

It was disclosed at the time that the shares collectively represent approximately 62.84 percent of the Company’s issued and paid-up capital totaling 314,220 shares, which has been confirmed in today’s filing by the company.