SHC Approves Supernet Merger Under Restructuring Plan

The Sindh High Court (SHC) has formally sanctioned a scheme of arrangement for the merger of Supernet Limited (SNL) into Supernet Technologies Limited (STL), both subsidiaries of Telecard Limited, as disclosed in filings submitted to the Pakistan Stock Exchange (PSX) on Thursday.

The merger petition was approved through an order dated February 24, 2026, in J.C.M. No. 24 of 2025, with the scheme taking effect retrospectively from January 1, 2025.

This consolidation is part of a wider corporate and capital restructuring initiative launched earlier in 2025. In line with Sections 279 to 283 and 285(8) of the Companies Act, 2017, Supernet Limited has been formally absorbed into Supernet Technologies Limited under the court-approved arrangement.

Under the terms of the scheme, Supernet Technologies Limited will issue and allot ordinary shares to eligible shareholders of Supernet Limited. The record date for determining shareholder eligibility will be announced by the board of directors in accordance with the approved structure.

With the merger now effective, all assets, liabilities, and responsibilities of Supernet Limited have been transferred to and consolidated within Supernet Technologies Limited.

The companies have indicated that shareholders will be kept updated on further progress as the integration process continues.