Omantel Injected $20 mn into WTL to Write Off Liabilities Under its Exit Plan

Omantel Injected $20 mn into WTL to Write Off Liabilities Under its Exit Plan. Oman Telecommunication Company, Omantel acquired most of the stake in World Call telecom Limited for $193 million in 2008. Now the telecom provider, World Call Limited is free of liabilities as Omantel injected $20 million to it for settling its liabilities.

Omantel Injected $20 mn into WTL to Write Off Liabilities Under its Exit Plan

Omantel has taken this step as World Call Limited faced a lot of loss and kept on going down due to great competition in market on three basic segments i.e;  data (internet service provider), entertainment (cable operator) and voice (telephone).

While telling about this, WTL Chief Executive Officer Babar Ali Syed said that:

Omantel injected $20 million into WorldCall Telecom to write-off liabilities under its exit plan

WTL’s share price increased by 7.0% or Rs 0.21 on Monday. The stock was the volume leader with 35.26 million shares changing hands.

Barbar further added that:

“Now, they [Omantel] have nothing to do with WTL. We have assumed control of the company [being management] in November 2017,” 

We have an asset base of $86 million in the book

World call telecom Limited has set new targets of Rs 4 billion as a new year resolution. In 2017 company has earned Rs. 2.3 billion. Barbar said that company has witnessed growth of 75%.

To achieve new year target, company has planned to spend $10-11 million to improve their position in market. Barbar further said that:

Out of this, $7.5 million would be the capital expenditure and $3.5 million would be the working capital. We foresee 40% business from cable and media, another 40% from LDI and 20% from fibre business

Also Read: Let’s Go Green-Benefits of Green Technology for Telecom Operators

PTA Taxes Portal

Find PTA Taxes on All Phones on a Single Page using the PhoneWorld PTA Taxes Portal

Explore NowFollow us on Google News!

Fizza Atique

Fizza Atique is a Tech writer specializing in the intersection of tech and culture. She likes photography, VR, electronic music, coffee, and baking.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Get Alerts!

PhoneWorld Logo

Join the groups below to get the latest updates!

💼PTA Tax Updates
💬WhatsApp Channel