Karachi: In a significant development, the Board of Directors of Supernet Technologies Limited, formerly known as Hallmark Company Limited, has taken a decisive step towards a potential strategic alliance. During a meeting held at the company's registered office on January 29, 2025, the Board authorized the commencement of discussions for a proposed scheme of arrangement with Supernet Limited (SNL). This move is in line with Sections 96 and 131 of the Securities Act, 2015, as well as relevant provisions of the Pakistan Stock Exchange Limited's Rule Book.

The proposed arrangement aims to explore a comprehensive collaboration between Supernet Technologies Limited and SNL. The Board has directed the company to initiate talks with SNL, finalize feasibility studies, and conduct valuations relevant to the arrangement. Draft documents outlining the proposed terms will be prepared and presented to the Board for further evaluation.

In addition to these measures, the Board has granted authorization for the appointment of legal, financial, and other necessary advisors and consultants to facilitate the progression of the proposed arrangement. This initiative underscores the company's commitment to ensuring that all regulatory and strategic aspects are thoroughly addressed.

According to information available from the Pakistan Stock Exchange (PSX), the decision to pursue this potential arrangement is poised to have a notable impact on the market, particularly within the telecommunications and technology sectors. Stakeholders are keenly observing the developments, given the strategic implications such an arrangement could entail.

The market has been notified to inform the Trading Rights Entitlement Certificate (TREC) holders of these developments, reflecting the company's adherence to transparency and regulatory compliance. As the discussions and evaluations progress, further updates are anticipated, highlighting the evolving dynamics within the designated market category.