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TELE subsidiary Supernet may be listed on PSX

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Telecard Limited (PSX: TELE) announced that itssubsidiary, supernet Limited'(“SNL”) may be listed on the Pakistan stock Exchange Limited (‘PSX”) by means of:

(i) SNL offering its shares to the existing shareholders in proportion to their holdings, which shall be renounced 6th; Companyy and thereafter be offered and issued to the public (including persons participating in the book building process), to the maximum extent of up to 18,343,195 ordinary shares, representinj 15.5% post lPO paid-up capital of SNL as and by way of an lnitial Public offering (IPO”) at the strike price to be determined through the Book Building Process in accordance with the public Offering Regulations ,2017 and appliclble regulations of the Rule Book of the PSX’

ii) the Company selling up-to 11,242,604 ordinary shares representing 9.5% post IPO paid-up capital of SNL through an offer for Sales of Shares (“OFS”) at the strike price to be determined through the Book Building process in accordance with the Public Offering Regulations, 2017 and applicable regulations of the Rule Book of the PSX, and

(iii) the OFS and IPO will result in the dilution of the company’s holding of SNL shares by 25%. The Company will be retaining 75% shares of SNL post ‘IPO’.

Further, Topline Securities Limited has been appointed to act as the Lead Manager & Book Runner to represent SNL for listing of the sNL’s share on PSX along with the OFS for the company and for carrying out all services of the Lead Manager & Book Runner including obtaining approvals from PSX and the SECP’

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