Pakistan ISP Supernet Ltd merges into Supernet Technologies following court approval

Pakistan’s internet and cybersecurity services provider, Supernet Limited, has been merged into Supernet Technologies Limited (STL) following approval by the High Court of Sindh, the company has said in a statement.

The merger leaves STL the only surviving listed entity of the group.

The merger follows a multi-year restructuring within the Supernet Group aimed at consolidating listed entities under a single platform.

In 2023, Supernet Infrastructure Solutions (Private) Limited acquired Hallmark Company Limited, a PSX-listed technology company. Subsequently, STL was acquired by Telecard Limited, and it also became the majority shareholder of Supernet Limited, setting the stage for the merger.

Following the merger, all assets, liabilities, rights, and obligations of Supernet Limited have been vested in STL. The merged entity will continue operations under the name Supernet Technologies Limited and will trade on the Main Board of the Pakistan Stock Exchange, the statement added.

Under the capital reorganization approved as part of the Scheme of Arrangement, STL will capitalize its accumulated profits and issue 5.5 million fully paid-up ordinary shares of PKR 10 each to its existing shareholders in the ratio of 11 shares for every one share held.

Subsequently, STL will issue 101.62 million fully paid-up ordinary shares of PKR 10 each to the shareholders of Supernet Limited based on the approved share swap ratio.

Following the issuance of new shares, STL’s issued and paid-up share capital will increase to approximately PKR 1.076 billion, comprising 107.6 million ordinary shares.

Post-merger, Telecard Limited will hold approximately 61.7% of STL’s share capital, consolidating its position as the group’s ultimate controlling shareholder.

The merger is expected to enhance liquidity, simplify the corporate structure, and provide a unified platform for future growth on the PSX Main Board.

Supernet Limited, founded in 1995, provides data connectivity and digital infrastructure services across Pakistan.

Beyond connectivity, the company has diversified into mission-critical communications, cybersecurity, managed services, IoT, and integrated ICT infrastructure solutions, supported by specialized subsidiaries operating across infrastructure deployment, software solutions, and international markets.