World Call Intends to Acquire Omantel Stake Back in an Agreement Worth $47 Million

On Tuesday, World Call Services (Pvt) Limited articulated its intention to purchase the majority stakes in the World Call Telecom back from Oman-based company in an agreement worth $47 million approximately.

World Call Intends to Acquire Omantel Stake Back in an Agreement Worth $47 Million

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

In a notice issued to the PSX it was revealed that Pakistan-based World Call Services aims to attain 488.839 million of normal voting shares from Omantel.

The shares signify 56.8 percent of the total ordinary shares of 860.571 million of Rs10 each. WorldCall Telecom augmented a quarter of its assessment to close at Rs1.88 on the scale 100-share Index of the PSX. Whereas a total of 27 million of its shares were merchandised.

The notification by the bid’s lead manager, Arif Habib Limited said Ferret Consulting, will also acquire 100% of alterable inclination shares (350,000) of the World Call Telecom from the trader at a price of $100 each.

Previous month, a bid from a Pakistani stakeholder to buy shares of World Call Telecom didn’t come to realization as owing diligence botched to produce results.  The payphone operator offers long distance international and wireless and cable broadband amenities through Pakistan.

Omantel, the Oman’s leading telecom operator, remunerated $193 million for a directing stake in World Call Telecom in 2008. World Call Telecom displayed a net loss of Rs.2.914 billion for the nine months ended Sept. 2015.

Reuters added that Oman Telecommunications said it had got another non-binding deal for its shares in Pakistan’s WorldCall Telecom Ltd. It provided no particulars of the identity of the possible acquirer. But it said in a filing to Oman’s bourse that the bid was conditional on further revisions.

Omantel revealed last month that it had terminated negotiations with a Pakistan stakeholder. It was about acquiring its 56.8% stake in the differentiated telecommunications operator. After a period of unpaid diligence did not yield a satisfactory agreement.

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

Source: THE NEWS