The board of directors of Telecard Limited (PSX: TELE) has recommended seeking shareholder approval to invest up to Rs. 564.12 million in the planned right issue of its subsidiary, Supernet Technologies Limited (STL).
In a notice submitted to the Pakistan Stock Exchange (PSX), Telecard said its Board of Directors passed resolutions through circulation on June 5, recommending that shareholders authorize the proposed investment.
The company plans to invest up to Rs. 564,123,954 at a maximum price of Rs. 10 per share in Supernet’s proposed right issue, subject to the necessary corporate and regulatory approvals.
The proposed investment will require shareholder approval under Section 199 of the Companies Act, 2017. Telecard has authorized its management to take the required steps, including convening an Extraordinary General Meeting (EOGM) to seek approval from shareholders.
Supernet Technologies had earlier informed the market on June 1 that it was considering a right issue. Telecard’s participation would allow it to subscribe to shares offered under the proposed transaction.
The company said details of the EOGM and related resolutions will be shared with shareholders in due course. The disclosure was made in accordance with the requirements of the Securities Act, 2015 and the PSX Rule Book.