Supernet Technologies Limited has successfully completed a pivotal post-merger phase of its corporate reorganization, marking a significant transition in its operational structure. Following formal board approval, the company has finalized the allotment and issuance of more than 107 million ordinary shares as part of a court-sanctioned Scheme of Arrangement. This process facilitates the formal merger of Supernet Limited, previously traded under the symbol GEMSPNL, with and into Supernet Technologies Limited. The development was officially disclosed in a notification to the Pakistan Stock Exchange on Wednesday, confirming that the consolidation of the two entities is now reaching its final stages.
The reorganization was sanctioned by the High Court of Sindh at Karachi in late February 2026, following a series of regulatory disclosures that began in early 2025. This merger is designed to streamline the group’s corporate hierarchy and consolidate its market presence under a single listed entity on the Main Board of the PSX. Under the approved capital structure, the board of STL authorized the issuance of 5.5 million ordinary shares to existing eligible shareholders. These shares were distributed at a ratio of 11 ordinary shares of STL for every single share previously held, based on the record date of March 25, 2026.
In a simultaneous move to integrate the merging entity, Supernet Technologies Limited approved the allotment of 101.619 million ordinary shares to the shareholders of GEMSPNL. This issuance was based on a calculated swap ratio of approximately 1.68 STL shares for every one share of the merging company. The company has confirmed that these shares have been credited to the respective accounts in book-entry form within the Central Depository System of the Central Depository Company of Pakistan. For those holding physical shares, certificates are being dispatched separately to ensure all eligible stakeholders are accounted for under the new corporate arrangement.
This transaction represents a major milestone in the restructuring initiative, effectively leading to the dissolution of GEMSPNL without the need for a formal winding-up process. As of April 1, 2026, Supernet Technologies Limited continues its trading operations on the Main Board of the Pakistan Stock Exchange, now operating as a more unified and structurally efficient organization. By bringing the operations of the GEM board entity into the Main Board entity, the management aims to enhance shareholder value and simplify the regulatory reporting requirements for the combined group.
The completion of this share allotment signifies the operational integration of the two companies, allowing STL to focus on its core business objectives with a stronger balance sheet and a consolidated investor base. Analysts view this move as a positive step for the technology sector in Pakistan, as it demonstrates a successful execution of a complex capital reorganization within the local regulatory framework. With the merger now largely finalized, Supernet Technologies Limited is positioned to leverage its expanded resources to drive future growth and innovation in the digital and telecommunications infrastructure space.
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