Karachi: The Honourable High Court of Sindh at Karachi has sanctioned the merger of Supemet Limited (GEMSPNL) with and into Supernet Technologies Limited (STL), as outlined in the Scheme of Arrangement. This development was officially notified on March 16, 2026, marking a significant step in the consolidation process between the two entities.
In accordance with the Scheme, STL will issue an aggregate of 101,619,475 ordinary shares to the shareholders of GEMSPNL. The shareholders will receive approximately 1.68 STL shares for each ordinary share they hold in GEMSPNL, subject to adjustments for fractional entitlements. The SNL Record Date, set for Wednesday, March 25, 2026, will determine the identities of the shareholders eligible for this share swap.
According to information available from the Pakistan Stock Exchange (PSX), the share transfer books of GEMSPNL will be closed permanently from March 25, 2026. Transfers received at the registrar’s office by the close of business on March 24, 2026, will be considered timely for the determination of shareholder entitlements.
Post-merger, the shareholders of GEMSPNL, holding physical share certificates, are required to submit their certificates for cancellation to the company’s share registrar. This will facilitate the issuance of corresponding STL shares. Those preferring a book entry format must deposit their physical certificates into the Central Depository System (CDS) through their brokers or CDC participants before the stipulated deadline.
This merger will result in the dissolution of GEMSPNL without winding up, effective from the allotment date of STL shares to SNL shareholders. Subsequently, GEMSPNL will be automatically delisted from the Pakistan Stock Exchange, concluding its presence in the designated market category.