Supernet Gets Sharia Screening Certificate

Telecard Limited’s subsidiary, Supernet Limited, has been awarded the Sharia Screening Certificate by Meezan Bank Limited. According to the notification to the PSX, Supernet Limited has been certified for its compliance with the KSE Meezan Islamic Index Criteria that was set out by the PSX, which will provide investors clarity regarding purchasing shares in the company. It will also be allowed to participate in its IPO with the provision that the investee will be required to purify its dividend income as per the company’s annual dividend purification rate determined on a semi-annual basis in the KMI-All Share Islamic Index. The company’s financial statement’s Shariah compliance status may vary from one financial period to the other. Hence, the certificate will remain valid as long as Supernet Limited’s latest available financial statements are for the period ended on 30 June. Supernet’s IPO will take place on 12 and 13 April through the book-building process under the plan. The purpose of the IPO is to generate funds for working capital and capital expenditure for the provision of network infrastructure at customer premises like routers, switches, optical fiber, LAN, and Wi-Fi infrastructure. Raising equity will help the company scale up its computing capabilities, including servers, storage, cloud services, and enterprise applications besides power infrastructure and cyber security. Moreover, Supernet’s profit jumped 6.8 times annually to Rs. 233.4 million in the last fiscal year.