Supernet Technologies board approves in-principle plan for right issue

The Board of Directors of Supernet Technologies Ltd. has approved, in principle, a plan to undertake a right issue of ordinary shares in the near future.

The decision was made at a board meeting held June 1, 2026, at the company's registered office in Karachi.

According to a disclosure filed with the Pakistan Stock Exchange, the aggregate size of the proposed right issue could be up to PKR 914.76 million, subject to final approval by the board. The shares, if issued, would be offered at a price not exceeding PKR 10 per share, as determined by the board.

The proceeds are primarily intended to support the company's working capital requirements for upcoming projects, which are expected to enhance its operational performance and growth prospects.

Part of the funds may also be used to finance a portion of the consideration payable to Telecard Ltd. under a share purchase agreement dated Feb. 15, 2024, for the acquisition of a 51% stake in Supernet Ltd. The proceeds may also be used for other purposes approved by the board.

The company said the in-principle approval is intended to allow shareholders, particularly associated concerns, to obtain the necessary corporate and shareholder approvals to participate in the proposed right issue, if they choose to do so.

The board may approve and formally announce the right issue at a later date in accordance with applicable laws and regulatory requirements.