Karachi: Supernet Technologies Limited (STL) has finalized a crucial phase in its post-merger corporate restructuring by allotting over 107 million ordinary shares as part of a Scheme of Arrangement, according to disclosure submitted to the Pakistan Stock Exchange (PSX). This step follows the Board's approval and High Court of Sindh's sanction of the merger between Supernet Limited (GEMSPNL) and STL.
According to Pakistan Stock Exchange Limited, the Scheme of Arrangement had received approval from the High Court of Sindh at Karachi on February 24, 2026, with preceding disclosures issued over the past year. Under the approved framework, STL's board has authorized the issuance of 5.5 million ordinary shares to STL shareholders on record as of March 25, 2026. Additionally, 101.619 million ordinary shares will be allocated to GEMSPNL shareholders based on a swap ratio of approximately 1.68 STL shares for each GEMSPNL share, subject to fractional adjustments.
The shares will be credited electronically to shareholders' accounts in the Central Depository System (CDS) of the Central Depository Company of Pakistan Limited (CDC), while physical certificates will be dispatched where applicable. The PSX has announced the formal delisting of GEMSPNL, effective April 1, 2026, following the fulfillment of regulatory requirements.
STL will continue its trading activities on the PSX Main Board from the same date, as GEMSPNL dissolves without undergoing winding up. This merger aims to optimize the group’s structure under the listed Main Board entity, marking a pivotal point in STL's amalgamation process. Market observers will be monitoring the impacts of this combined structure on STL's strategic and operational trajectory.
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