KARACHI: Systems Ltd said on Tuesday it has entered into a term sheet, or a non-binding investment agreement, with the sponsor shareholders of National Data Consultant Ltd (NdcTech) for the acquisition of its 100 per cent shareholding.

In a stock filing, the IT company said the management of both entities will now start discussions to finalise the terms for the acquisition, the share purchase agreement and other transaction-related documents. Upon finalisation, these terms and conditions will be presented to the board of directors for their final consideration and approval, it added.

Gong ceremony for Supernet

Shares of technology company Supernet Ltd tumbled 5.04 per cent to Rs17.15 on Tuesday following a formal gong ceremony to mark the listing of the company on the Pakistan Stock Exchange earlier in the day.

Supernet Ltd CEO Jamal Nasir Khan rang the bell in a ceremony attended by senior officials from the exchange and the brokerage community.

Last month, the company raised Rs475 million in the book-building process conducted on the Growth Enterprise Market (GEM) board of the PSX. The offer was oversubscribed 1.4 times while the strike price remained Rs22.50 a share, which was also the floor price.

The transaction constituted the first-ever GEM listing of a technology company. The issue consisted of 21.1m ordinary shares representing 18.81pc of the total post-listing shareholding. The entire issue was offered through book-building at a floor price that included a premium of Rs12.50 per share.

First social impact fund launched

The National Investment Trust Ltd (NITL) has introduced Pakistan’s First Social Impact Fund (NIT-SIF) to ensure social betterment in the country by making its portfolio more diverse and meaningful for its customers and the country.

According to a press release issued on Tuesday, the NIT-SIF Initial Public Offering will take place from May 11–13.

NITL Managing Director Adnan Afridi said the trust was playing its due role in bringing economic and social stability to the country through responsible investments and providing attractive returns to its investors.

Published in Dawn, May 11th, 2022