Karachi: In a significant development in the telecommunications sector, the Board of Directors of Supernet Limited has authorized the Company to explore a potential merger with Supernet Technologies Limited (STL), formerly known as Hallmark Company Limited. This decision was made during a board meeting held at the Company's corporate office at 1 p.m. on January 29, 2025.

In compliance with Sections 96 and 131 of the Securities Act, 2015, and relevant provisions of the Rule Book of the Pakistan Stock Exchange Limited, Supernet Limited has disclosed this material information to all concerned stakeholders. According to the company, the Board has given the green light to formulate and propose terms for this merger, referred to as the "Proposed Arrangement."

The Company is now authorized to engage in discussions with STL, finalize feasibility studies, valuations, and draft the necessary documents related to the Proposed Arrangement. These documents will be presented to the Board for further consideration. This strategic move is aimed at enhancing the synergies between the two entities, leveraging their combined expertise to strengthen market presence and operational efficiency.

According to information available from the Pakistan Stock Exchange (PSX), Supernet Limited is actively seeking to appoint legal, financial, and other necessary advisors to facilitate this potential merger. This action underscores the Company's commitment to ensuring a comprehensive evaluation and strategic alignment for the Proposed Arrangement.

The telecommunications industry is closely watching this development, which could mark a significant consolidation in the market. Stakeholders, including TREC holders, have been informed of the Board's decision, and further updates are anticipated as the merger discussions progress. The outcome of this potential merger is expected to have substantial implications for the market landscape, positioning Supernet Limited for enhanced growth and innovation in the sector.