KARACHI: Allied Supplies and Services and Dunya Technologies have withdrawn their bid to acquire WorldCall Telecom Limited (WTL) after negotiations for the offer ended inconclusive, according to a bourse filing on Wednesday.
“We…would like to confirm that negotiations to acquire the aforementioned shares could not be concluded favourably,” Arif Habib Limited, manager to the offer, said in a notification to the Pakistan Stock Exchange. The interested entities “are withdrawing the public announcement of intention as it is not moving forward with the intended acquisition.
“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,” it said.
The share price of WorldCall Telecom (WTL) dropped almost 3%, or five paisas, and closed at Rs1.67 with a turnover of 7 million shares at the exchange.
Earlier, Allied Supplies and Services (Private) Limited and Dunya Technologies (Private) Limited had expressed intention to acquire 56.8% of the ordinary shares of WTL and 100% of the convertible preference shares, respectively.
Omantel Telecommunications Company is the major shareholders of WTL, which carries face value of its ordinary (voting) shares at Rs10/each and face value of convertible preference shares at $100/each.
WTL launched its business in June 1996 with payphone operations. Amid fundamental shifts in technology and industry, innovation and dedication led it to grow in diversified businesses under three major service categories for example data, entertainment and voice. It became an associate company of Omantel after acquisition of major shareholding by Omantel in 2008.
Published in The Express Tribune, August 4th, 2016.