HCL announces intention to issue right shares

In a notification sent to PSX on 30/04/2024, Hallmark Company Limited (HCL) has announced a new right issue with the aim of strengthening Telecom Holdings.

The Board of Directors (“Board”) of Hallmark Company Limited (the “Company’) in its meeting held on 29 April 2024 have resolved that for the purpose of raising funds to finance the acquisition cost of the acquisition by the Company of Telecard Limited’s (“Telecard”) entire shareholding in Supernet limited (“Supernet”) (i.e. 100,216,722 (One Hundred Million Two Hundred Sixteen Thousand Seven Hundred and Twenty two) shares constituting 81.18% of the issued and paid-up capital of Supernet), in accordance with the Share Purchase Agreement entered into by the Company with Telecard, the Company intends, in the near future, to carry out a right issue of ordinary shares at face value in the aggregate amount of up to PKR. 400,000,000/- (Pak Rupees Four Hundred Million) which are intended to be issued at a face value of PKR. 10/- (as ultimately determined by the Board), subject to compliance with the applicable laws. The Board further resolved that it shall approve and announce the actual right issue (if the Company proceeds with its intention to issue right shares) at a future date in accordance with Section 83 of the Companies Act, 2017 along with all applicable laws.

The shares of HCL were last trading at Rs. 1150 today.