KARACHI: Supernet Technologies Limited has approved, in principle, a potential rights issue of ordinary shares, according to a disclosure to the Pakistan Stock Exchange (PSX).The decision was taken at a board meeting held on Monday (June 1), at the company’s registered office in Karachi.
The company said the proposed rights issue could raise up to Rs914.76 million, subject to final board approval. If approved, the shares would be offered at a price not exceeding Rs10 per share.
Supernet Technologies said the proceeds would primarily be used to support working capital requirements for upcoming projects. A portion may also be allocated towards payments to Telecard Limited under a 2024 share purchase agreement related to the acquisition of a 51 per cent stake in Supernet Limited, along with other corporate purposes as determined by the board.
The company added that the in-principle approval is intended to facilitate preliminary shareholder approvals, with a formal rights issue to be considered at a later stage in line with regulatory requirements.
