Telecard backs PKR 564M investment in Supernet's rights issue

The Board of Directors of Telecard Limited (PSX: TELE) has recommended seeking shareholder approval for an investment of up to PKR 564.12 million in the planned rights issue of its subsidiary, Supernet Technologies Limited.

According to the disclosure made to the Pakistan Stock Exchange on Thursday, the investment would be made at a maximum price of PKR 10 per share.

The Board passed resolutions through circulation on June 5, 2026, and the move requires approval under Section 199 of the Companies Act, 2017.

The development reflects Telecard's continued support for Supernet, in which it remains a strategic shareholder. Supernet disclosed its intent to undertake the rights issue on June 1.

What does the Telecard board's decision mean for Supernet?

Telecard's participation signals the parent company's confidence in Supernet's growth plans. The technology firm recently won a PKR 1 billion contract to modernize critical communications infrastructure in Pakistan.

Supernet operates in technology, communications infrastructure, cybersecurity, managed services, and digital solutions. The PSX-listed company serves defense, telecommunications, enterprise, government, and international clients.

What are the next steps for the proposed investment?

The Board has authorized Telecard's management to take all necessary steps to secure approval. These include convening an Extraordinary General Meeting (EOGM) to obtain the requisite shareholder consent.

Details of the EOGM are expected to be shared in due course. The investment remains subject to all necessary corporate approvals.