Allied Supplies & Services and Dunya Technologies Withdraw Bid to Acquire WorldCall Telecom Limited

According to the market filing on Wednesday, Allied Supplies and Services and Dunya Technologies have withdrawn their tender to get WorldCall Telecom Limited (WTL) after talks for the offer ended unsettled.

Allied Supplies & Services and Dunya Technologies Withdraw Bid to Acquire WorldCall Telecom Limited

“We would like to confirm that negotiations to acquire the aforementioned shares could not be concluded favorably.”

Arif Habib Limited, manager to the offer, said in a statement to the Pakistan Stock Exchange.

The interested bodies are drawing the public announcement of intention as it is not moving headlong with the proposed procurement.

“However, acquirers reserve the right to make a subsequent ‘Intention to Acquire’ in the future if they deem fit to resume negotiations with the shareholders of WTL. The shareholders and regulators will be informed accordingly of any such intention in the future.”

The share value of WorldCall Telecom (WTL) fell by nearly 3%, or five paisas. It closed at Rs1.67 with a revenue of 7 million dividends at the exchange.

Allied Supplies and Services (Private) Limited and Dunya Technologies (Private) Limited previously had articulated aim to procure 56.8% of the average shares of WTL and 100% of the alterable inclination shares, correspondingly.

Also Read: Omantel Receives Non-binding Tender for WorldCall Telecom

Omantel Telecommunications Company is the foremost stakeholders of WTL. It brings face value of its ordinary shares at Rs10/each and face value of alterable inclination shares at $100/each.

Launched its corporate in June 1996 with payphone operations WTL, has shown great dedication. It has directed it to propagate in varied industries under three major service classifications. The categories are data, entertainment and voice. It became a subordinate company of Omantel after procurement of main shareholding by Omantel in 2008.

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