Hallmark Company Limited, a notable entity in the corporate landscape, has taken a significant step towards transformation by announcing its decision to rebrand itself as Supernet Technologies Limited. This announcement was conveyed to the Pakistan Stock Exchange on Wednesday, marking a strategic move for the company.
The decision to alter its name was reached during a pivotal meeting held on the 15th of August, 2023, where the Board of Directors of Hallmark Company Limited collectively endorsed the change. However, this alteration is contingent upon the approval of the Securities and Exchange Commission of Pakistan (SECP) as well as the affirmation of the company’s shareholders in the upcoming General Meeting. These steps are in alignment with the Companies Act of 2017 and the relevant ancillary laws that are currently in force.
This development follows an intriguing series of events wherein Supernet Infrastructure Solutions (Private) Limited, an entity that specializes in infrastructure solutions, acquired a substantial portion of shares in Hallmark Company Limited. This acquisition was undertaken as a strategic maneuver to transition into a publicly traded firm, thereby circumventing the necessity of filing for an Initial Public Offering (IPO).
The journey commenced on the 13th of April, 2023, when Hallmark Company Limited formally communicated with the Pakistan Stock Exchange, revealing that its shareholders and the Board of Directors of Gazpak (Private) Limited had collectively agreed to divest their shares to Supernet Infrastructure Solutions. This transfer of shares amounted to an approximately 62.84 percent of the company’s total issued and paid-up capital, which constitutes a significant stake of 314,220 shares. The accuracy of this information has been reconfirmed in the recent filing submitted by the company.
With the successful completion of the share acquisition process, Hallmark Company Limited has now proceeded to notify the main board of its forthcoming name change. This transformation not only reflects the company’s strategic direction but also signifies its readiness to embrace new opportunities and navigate the evolving business landscape.
As Supernet Technologies Limited, the company aspires to embark on a journey of growth, innovation, and value creation. This rebranding endeavor stands as a testament to the company’s commitment to adaptability, expansion, and strategic evolution in an ever-changing business environment.
