Lahore March 2 2023: Telecard Subsidiary, “Supernet Limited”, is pleased to inform that its wholly owned subsidiary Supernet Infrastructure Solutions Private Limited has announced Public Announcement of Intention ‘PAl’ to acquire Hallmark Company Limited ‘HCL’, according to company filling to the exchange.
HCL a company listed on the Main Board of Pakistan Stock. Last year, Mr. Irtaza Zafar Sheikh and GAZPAK (Private) Limited acquired 50 percent stake along with control in HCL.
Hallmark Company Limited (formerly “Hallmark Insurance Company Limited”) was incorporated as a Public Limited Company on 31 October 1981 under the repealed Companies Act, 1913, (thereafter the Companies Ordinance, 1984 and now the Companies Act, 2017) and subsequently obtained registration under repealed Insurance Act, 1938 now the Insurance Ordinance, 2000 as insurer.
The Company was engaged in general insurance business. With the promulgation of the Insurance Ordinance 2000, the requirement of minimum paid up capital for an insurer was enhanced. The Company did not find itself in a position to increase its paid up capital to the required minimum level and had ceased to underwrite insurance business w.e.f. January 01, 2003.
The members of the Company have resolved that they are not interested to inject the above huge amount of required minimum paid up capital. Therefore, it was decided to surrender the insurance license and remove the Company’s name from the insurance ambit and to diversify the nature of business instead of insurance business.
In 2017 Management of the Company successfully changed its business activity to revive its operations. Company now offers wide range of Products which fall under Information Technology ambit and includes but not limited to devices for Datacenter, End User Computing and Identity and Security Portfolio. The Company is heading to carve a niche by providing the right solutions at right time and cost, with high-quality comprehensive range of pre and post sale support services. The company is listed in Pakistan stock exchange and its shares are being traded on normal counter.
