Karachi 20, October 2021: After announcement of successful restructuring of Telecard TFC company stock hit upper lock at PKR16.73 with traded volume of 15.4 million shares. Company has announced that with the consent of the majority TFC Holders, TFCs have been successfully restructured.
The restructuring term spreads over a period of 8 years with the first payment of principal starting from March 2022 and thereafter in equal quarterly instalments, with maturity in December 2028.
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In the event• that the Issuer is successfully able to execute Offer For Sale ("OFS") of its wholly owned subsidiary, Supernet Limited, then a prepayment of up to 3 (three) principal quarterly installments (equivalent to 15% (fifteen percent) of the total outstanding principal) that would fall due immediately after the OFS would be paid through a single bullet payment from the proceeds of the said OFS subject to the condition that such proceeds would be not less than PKR 250,000,000/- (Pak Rupees Two Hundred Fifty Million).
The role of Trustee of the TFCs shall now be undertaken by Pak Brunei Investment Company Limited.