The Board of Directors of Supernet Technologies Limited has approved, in principle, the company’s intention to potentially carry out a right issue of ordinary shares in the near future.
The decision was taken at a meeting of the Board of Directors held on June 1, 2026, at the registered office of the company in Karachi.
According to the company’s disclosure to the Pakistan Stock Exchange, the aggregate amount of the potential right issue may be up to PKR 914.76 million, subject to final approval by the Board at the relevant time. The shares, if issued, are intended to be offered at a price not exceeding PKR 10 per share, as ultimately determined by the Board.
The proceeds from the potential right issue are intended to primarily support the company’s working capital requirements for upcoming projects, which are expected to strengthen Supernet Technologies’ operational performance and growth prospects.
A portion of the funds may also be used to partially fund the consideration payable by Supernet Technologies to Telecard Limited under the Share Purchase Agreement dated February 15, 2024, for the acquisition of 51% shares of Supernet Limited. The proceeds may also be utilized for other purposes as determined by the Board of Directors.
The company stated that the purpose of the in-principle approval is to enable shareholders, particularly associated concerns, to obtain necessary corporate approvals, including shareholders’ approval, to invest in the potential right issue, if they deem fit.
The Board may approve and announce the actual right issue at a future date in accordance with applicable laws and regulatory requirements.