Could 27, 2025 (MLN): The Board of Administrators of Supernet Restricted (PSX: GEMSPNL) authorised the proposed association for the merger of the Firm with and into Supernet Applied sciences Restricted (STL), in a gathering held on Could 27, 2025.

The approval features a company and capital re-organization of STL, together with the draft Scheme of Association underneath Sections 279 to 283 and 285(8) of the Corporations Act, 2017.

The Scheme, which is to be entered into between Supernet Restricted and STL, stays topic to finalization, requisite approvals from shareholders, collectors, and regulatory our bodies, and the sanction of the Scheme by the Excessive Courtroom of Sindh at Karachi.

It additionally requires fulfilment of all associated authorized formalities and will bear adjustments or modifications as required or deemed vital, the notification issued to the native bourse.

In response to the Scheme, all the endeavor of Supernet Restricted together with all belongings, liabilities, privileges, obligations, rights, and enterprise might be merged with and into STL by way of amalgamation.

Consequently, all shares of Supernet Restricted will stand cancelled.

In consideration, STL will challenge an combination of 101.62 million unusual shares to the shareholders of Supernet Restricted (excluding STL itself as a shareholder), based mostly on a swap ratio of roughly 1.68 unusual shares of STL for each one unusual share of Supernet Restricted held.

This ratio additionally elements within the shares of STL to be issued to its personal shareholders in accordance with the Scheme.

Following the completion of the merger, Supernet Restricted might be dissolved with out winding up and de-listed from the Pakistan Inventory Trade (PSX).

This improvement follows Supernet Restricted’s earlier disclosure on January 29, 2025, by which it had introduced in-principle authorization to formulate and suggest phrases for a possible merger with Supernet Applied sciences Restricted.

The Scheme might be circulated to the PSX and shareholders in the end, topic to the order of the Honourable Excessive Courtroom of Sindh at Karachi and in accordance with relevant legal guidelines.

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Posted on: 2025-05-27T13:52:55+05:00

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