Tech firm to migrate from GEM to PSX’s main board

Technology firm Supernet Ltd told shareholders on Friday it’s decided to migrate to the main board of the Pakistan Stock Exchange (PSX) from the Growth Enterprise Market (GEM) board, which is a separate PSX counter reserved for smaller and riskier companies. Only three firms are currently listed on the GEM board that the PSX rolled out last year to help start-ups and growing entities raise capital from institutional and high net worth individuals. Supernet, which was listed six months ago, will become the first company to leave the side board for the main trading counter on the PSX. Speaking to Dawn, Supernet Ltd CEO Jamal Nasir Khan said he expects higher trade volumes in the share once the company upgrades its listing status. “Our preference was for the main board when we decided to raise capital through the stock market. But we opted for the GEM board because the listing process for the main board seemed too long and tedious at that stage,” he said. A wholly owned subsidiary of Telecard Ltd, Supernet sold 18.8 per cent (post-listing) shareholding on the stock exchange for Rs475 million in April.