WorldCall’s acquirer offers Rs2.69/share to public

Oman Telecommunications has 488.83 million shares, representing 56.80% of the total

KARACHI: The WorldCall Telecom Limited’s acquirer has offered the general public Rs2.69 per share to buy 185.86 million shares of the firm from them on May 1-7, according to a bourse filing on Monday.

“The offer letter in accordance with this public announcement will be sent to ordinary shareholders (other than the seller who has already entered into share purchase agreement (SPA) ] with the acquirers) whose names appear on the share register of the Target Company on closure of share transfer register on April 19, 2017,” said the announcement.



WorldCall Services (Private) Limited has entered into a share purchase agreement on October 11, 2016 with Oman Telecommunications Company for the purchase of 488.83 million ordinary shares representing 56.80% of the total issued ordinary share capital of WorldCall Telecom Limited at a price of Rs0.00000020 per share.



The WorldCall Services would pay a total of Rs97.76 to Omantel for the deal.

Besides, Ferret Consulting has entered into a convertible preference share purchase agreement on October 11, 2016 with Oman Telecommunications Company for the purchase of 297,500 Convertible Preference Shares representing 85% of the total issued preference share capital of WorldCall Telecom Limited at a price of $0.00000336 per convertible preference share.

The deal would earn $0.99 only to Omantel.

WorldCall Services and Ferret Consulting, the two acquirers, are associated companies based on crossed directorship.



WorldCall Services was incorporated on October 5, 2009 in Pakistan. Ferret Consulting was incorporated on August 2, 2016 in United Arab Emirates.

Omantel acquired the stake in WorldCall Telecom in 2008.

Published in The Express Tribune, March 7^th, 2017.

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