Karachi May 31 2023: Supernet Infrastructure Solutions has made a public announcement of offer to acquire 18.578 percent shares of Hallmark Company Limited at a premium of 15.58 times to its net asset value, according to company filing to the exchange.
“Telecard in its capacity as the ultimate holding company of Supernet Infrastructure Solutions (Private) Limited (the “Acquirer”) inform that pursuant to the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, the Acquirer through its manager to the offer , has made a Public Announcement of Offer on 30 May 2023. to acquire 92,890 shares constituting approximately 18.578% of the issued and paid-up capital of Hallmark Company Limited” stated by the company.
Supernet Infrastructure solutions execute Share Purchase Agreements at a price of PKR 47.74 per share as compared to Net Asset Value of PKR 3.02 per share. However, it is at a discount of 60 percent when compared with its current market price.
The Public Announcement of Offer will be subject to the applicable law and the terms of the Share Purchase Agreement dated 12 April 2023
