The shareholders of Telecard Limited (PSX: TELE) have authorized the company to sell its entire stake of 100.2 million shares in Supernet Limited for an amount equivalent to Rs. 1.3 billion, the Pakistan Stock Exchange was informed on Tuesday.
Under Section 183(3) of the Companies Act, 2017, the Company be and is hereby authorized to sell its entire shareholding in its subsidiary, Supernet Limited (i.e. 100,216,722 shares constituting 81.18 percent of the issued and paid-up share capital of Supernet) to Hallmark Company Limited (a direct subsidiary of the Company), for an amount equivalent to the sum of Rs. 1,308,830, 390, the stock filing stated.
The company has further authorized Chief Executive Officer/Director Syed Aamir Hussain or Director/Company Secretary Waseem Ahmad to take any actions as may be required from time to time for the above resolution, to complete all necessary legal and corporate formalities concerning the above resolution and to do all such acts, deeds, and things as may be deemed necessary or expedient for concluding the said matters.
TELE is licensed to provide fully integrated telecommunications services, including basic wireless telephony, long-distance and international services, and payphones.