Islamabad: Telecard Limited has announced an Extraordinary General Meeting (EOGM) scheduled for June 29, 2026, at Kehkashan Hall, Islamabad Hotel G-6 Civic Centre Melody, Islamabad. The meeting will also be accessible via video link, providing shareholders with an option to participate remotely.
The meeting’s agenda includes reading and confirming minutes from the Annual General Meeting held on October 28, 2025, and, notably, a proposal to inject equity into Supernet Technologies Limited (STL) by subscribing to its right shares. This investment aims to support STL’s proposed right issue, allowing Telecard Limited to invest up to PKR 564.12 million in STL’s equity, priced at a maximum of PKR 10 per share. This move aligns with Section 199 of the Companies Act, 2017, which mandates shareholder approval for investments in associated companies.
According to information available from the Pakistan Stock Exchange (PSX), Telecard Limited intends to finance this investment through a combination of internal cash flows and potential borrowed funds. The company’s Board of Directors has been authorized to subscribe to any additional ordinary shares that remain unsubscribed during the right issue process, ensuring full utilization of the investment limit. Additionally, the Board is empowered to manage and potentially dispose of these investments as deemed appropriate.
The proposed right issue by STL was announced on June 1, 2026, with STL aiming to raise up to PKR 914.77 million. The financial position of STL, as per its latest audited statements, indicates a total equity and liabilities value of PKR 878.95 million, with a profit after taxation of PKR 46,448. The earnings per share for STL over the last three years have shown significant growth, with figures reported at PKR 92.90 for 2025, PKR 69.70 for 2024, and PKR -5.68 for 2023.
Telecard Limited’s management has emphasized the strategic importance of this investment, citing its potential to support STL’s growth and achieve long-term benefits. The investment in STL is expected to enhance the value of Telecard’s investment portfolio and support STL’s operational and strategic objectives. The Board considers the proposed investment to be a long-term commitment, subject to potential retention or disposal based on future strategic assessments.
Shareholders are advised that the company’s Share Transfer Books will be closed from June 23, 2026, to June 29, 2026, for the purposes of this meeting. Telecard Limited has also made provisions for electronic voting and voting through postal ballots, aligning with directives from the Securities and Exchange Commission of Pakistan to facilitate shareholder participation in special business matters.