Karachi: In a significant corporate development, Supernet Limited has announced the approval of a proposed merger with Supernet Technologies Limited (STL), a move that could reshape the company’s structural landscape. This disclosure was made by Supernet Limited, adhering to the regulatory requirements of the Securities Act, 2015, and the guidelines set forth by the Pakistan Stock Exchange Limited.
On January 29, 2025, Supernet Limited had received in-principle authorization to explore a merger with STL. Subsequently, on May 27, 2025, the company’s Board of Directors convened to deliberate on this potential merger. The board approved a comprehensive Scheme of Arrangement, which outlines the merger process, corporate reorganization, and capital restructuring of STL, pending requisite shareholder, creditor, and regulatory approvals.
According to the Scheme, the entire business operations of Supernet Limited, including its assets, liabilities, and rights, are intended to amalgamate with STL. Consequently, all Supernet Limited shares will be annulled, and 101,619,475 ordinary shares of STL will be distributed to the existing shareholders of Supernet Limited, based on a swap ratio of approximately 1.68 STL shares for each share held.
On completion of the merger, Supernet Limited will cease to exist as an independent entity and will be delisted from the Pakistan Stock Exchange (PSX). According to information available from the Pakistan Stock Exchange (PSX), this merger is poised to streamline operations under one unified organization, potentially enhancing market efficiency and strategic alignment.
The proposed Scheme of Arrangement awaits the sanction of the High Court of Sindh at Karachi, along with the fulfillment of related legal formalities. Upon receiving the necessary approvals, the Scheme will be circulated to the PSX and the shareholders, in accordance with statutory requirements.
This merger is a significant move in the designated market category, reflecting Supernet Limited’s strategic direction towards consolidation and growth within the tech sector.