Karachi: Supernet Technologies Limited has scheduled its 47th Annual General Meeting (AGM) for October 28, 2026, at 2:00 p.m., to be held at Hotel Crown Inn, Karachi. The meeting will address both ordinary and special business as outlined in the agenda.
The ordinary business to be discussed includes the confirmation of minutes from the previous AGM, held on October 28, 2025. Additionally, the company will present its audited annual financial statements for the fiscal year ending June 30, 2026, along with reports from the directors and auditors. A proposed final cash dividend of Rs. 0.25 per share, equivalent to 2.5%, will also be considered for approval.
Another key item on the agenda is the appointment of statutory auditors for the upcoming fiscal year ending June 30, 2027. M/s Parker Russel - AJ.S, Chartered Accountants, the retiring auditors, are eligible and have expressed their willingness for reappointment, with fees to be mutually agreed upon.
In the realm of special business, a significant resolution involves relocating the registered office from the Province of Sindh to Islamabad Capital Territory, subject to the confirmation of the Securities and Exchange Commission of Pakistan under Sections 21 and 32 of the Companies Act, 2017. This change will necessitate amendments to the company’s Memorandum and Articles of Association.
The AGM will also consider ratification and approval of related party transactions conducted as per Sections 207 and 208 of the Companies Act, 2017. This includes transactions with associated companies and undertakings, as disclosed in the annual audited financial statements for the year ended June 30, 2026.
Moreover, the meeting will deliberate on resolutions to authorize investments in associated companies and undertakings. According to information available from the Pakistan Stock Exchange (PSX), the sanctioned investment limit for each associated company, including Telecard Limited, Supernet Infrastructure Solutions (Private) Limited, Supernet Secure Solutions (Private) Limited, and Supernet E-Solutions (Private) Limited, is capped at PKR 500 million.
The agenda also outlines a financing arrangement with Telecard Limited concerning an outstanding consideration under a Share Purchase Agreement dated February 15, 2024. The resolution proposes converting the balance of up to PKR 372,214,136 into a markup-bearing facility for one year, with interest at 3-Month KIBOR plus 2.40% per annum.
These resolutions and proposals underscore Supernet Technologies Limited's strategic plans and governance matters, which will be pivotal for the company’s operations in the upcoming fiscal year.