PR: Supernet Technologies Completes Post-Merger Share Allotment

Karachi: Supernet Technologies Limited (STL) has completed a major post-merger step in its corporate reorganization, followed by Board approval for allotment of shares pursuant to Scheme of Arrangement, the company by crediting and/or dispatching physical share certificates (as applicable) of more than 107 million ordinary shares pursuant to the approved Scheme of Arrangement involving the merger of Supernet Limited (GEMSPNL) with and into STL, according to disclosure submitted to the Pakistan Stock Exchange (PSX).

The company said the Scheme of Arrangement had been sanctioned by the High Court of Sindh at Karachi through an order dated February 24, 2026, following earlier disclosures issued on January 29, 2025, May 27, 2025, June 27, 2025, February 26, 2026, March 30, 2026 and April 01, 2026 regarding the proposed corporate and capital reorganization.

Under the approved structure, STL’s board authorized the allotment and issuance of an aggregate 5.5 million ordinary shares to eligible STL shareholders on record as of March 25, 2026.

The shares are being issued in the ratio of 11 ordinary shares of STL for every one ordinary share held in addition to the company approved the allotment and issuance of 101.619 million ordinary shares of STL to eligible shareholders of GEMSPNL, also based on GEMSPNL’s record date of March 25, 2026.

These shares are being issued on the basis of an approved swap ratio of approximately 1.68 ordinary shares of STL for every one ordinary share of GEMSPNL, subject to fractional adjustments in accordance with the Scheme.

The Company, vide its disclosure dated April 1, 2026, apprised that (i) the shares to be issued in book-entry form have been cumulatively credited to the respective accounts of the eligible STL Shareholders and SNL Shareholders in the Central Depository System (CDS) of the Central Depository Company of Pakistan Limited (CDC); and (ii) physical share certificates, where applicable, are being dispatched separately to the respective eligible STL Shareholders and SNL Shareholders.

The latest development marks a significant step forward in advancing the merger of GEMSPNL into STL and achieving a key milestone in the Company’s ongoing restructuring initiative. The Pakistan Stock Exchange (PSX), through its Notice No. PSX/N-372 dated 31 March 2026, has announced that GEMSPNL, having met all requisite regulatory requirements, will be formally delisted from the Exchange effective Wednesday, April 01, 2026.

Following the de-listing of GEMSPNL, STL said it will continue to trade successfully on the Main Board of the PSX, effective April 01, 2026. GEMSPNL shall, without winding up, stand dissolved.

This transaction marks an important stage in STL’s amalgamation process, with the merger designed to streamline the group structure under the listed Main Board entity.

Market participants are expected to watch how the combined structure supports the company’s future strategic and operational direction.