Wednesday July 24, 2024

Telecard plans listing of Supernet on PSX

By Javed Mirza
May 01, 2021

KARACHI: Telecard Limited is considering listing of its subsidiary Supernet Limited on the stock exchange to expand its footprint in technology sector, the company said.

“We are now exploring the opportunity of listing Supernet Limited with the prime objective of unlocking the value of company’s subsidiary,” Waseem Ahmed, company secretary at Telecard Limited said in filing with the bourse. “Expansion and acquisitions might be considered in the future.”

The board of directors of Telecard Limited authorized the company to explore the option for listing of its 100 percent owned subsidiary Supernet Limited.

A public company listed on the Pakistan Stock Exchange, Telecard is actively looking towards enhancing its footprint in technology sector and feels confident that it will do so in coming months while growing its existing business lines.

The initial public offering of Supernet Limited will provide the Group with a platform for continued growth into new technologies and key geographies as well as enhancing its public profile and generating brand awareness in a market that understands the global scope and scale of opportunity for the group.

“An information and communications technology company is coming to the stock market after a long time and we expect very positive response from the market and investors,” Ahmed said. Supernet has been providing IT and communication services since 1995.

It offers a full portfolio of local-to-global communications solutions to enable key business processes of its customers.

“Telecard Limited is poised to leverage its inherent advantage in experienced and trained human resources, established inroads into enterprise segment and already functional business lines to explore opportunities in technology sector with a focus to enhance revenues, profitability and diversification of its revenue streams,” CEO Syed Aamir said in a financial report.

“Cognizant of the emerging opportunities due to COVID, on a global basis, Telecard is expanding its footprint into enterprise security solutions and business process software platforms by forming global alliances and leveraging in house expertise to deliver best in class solutions to its customers through its subsidiaries.”

The company is short listing consultants and advisers, and the management would submit a detailed presentation to the board of directors based on advice and findings of the advisor for its consideration.

The board also authorised the company to change the name of Telecard Limited to an appropriate name reflecting the changing nature of business of the company.

For the half-year ended December 31, 2020, Telecard recorded net revenues of Rs621 million translating into net profit of Rs194 million.