Supernet Limited Gets Board Approval to Initiate Merger Talks With Telecard Subsidiary

The Board of Directors of Supernet Limited (PSX: GEMSPNL) on Wednesday authorized the Company to formulate and propose the terms for a potential merger of Supernet Technologies Limited (formerly Hallmark Company Limited) (STL) with GEMSPNL. This also includes entering into discussions with STL, finalizing the feasibility/valuations in respect thereof, and the draft documents pertaining to the Proposed Arrangement, to be presented to the Board for their consideration. Furthermore, the Company has been authorized to appoint legal, financial, and other advisors and consultants as may be required for the purposes of the above. GEMSPNL is a wholly owned subsidiary of Telecard Limited. The company is engaged in providing Satellite and microwave communication services.