WorldCall is Being Taken Over Once Again

The ARY Communications Limited and the ARY Digital FZ LLC have sent WorldCall Telecom Limited (WTL) a PRI (Public Notice of Intent) to acquire over 51 percent of the share issued and payment capital and management control of WorldCall Telecom Limited, as indicated by the notification sent to the Pakistan Stock Exchange (PSX).

The acquisition has been in progress for months after the ARY company announced its intentions to take over 100 percent of WTL on 23 February 2021. The same statement also announced that after ninety days the agreement will be signed. Now that the time limit has expired, ARY is reluctant to take on a WTL stake.

Nevertheless, WTL's announcements to be taken over are recent and on 1 November 2019, 7 August 2020, and 23 February 2021, WTL announces related announcements. Both of these announcements even included a stock price shot on the stock exchange for WTL.

AKD Securities shall each apply the PAI in compliance with the terms of the Act and the rules, as designated as a manager to the offer by the purchaser. According to the AKD Securities officer, on 5 May 2021, there was no public notice of the deal, as talks have not yet been concluded with the sponsors of the Aim.

In a letter from AKD securities, the following is stated: "The aim of this is to acquire more than 51% of WorldCall Telecom Limitable's share capital, directly or indirectly, with a reference to the public declaration of intention (PAI) made by ARY Communications Limited and ARY Digital FZ LLC (collectively, the acquiring companies), from 06 August 2020 (the 'target'), subject to successful negotiations between them.

It also states that "We hereby state, in accordance with regulations 21 1(e) and 21(2) of the Regulations for 2017 (Rules of Procedure) as specified in the Securities Act 2015 (Substantial Acquisition of Voting Shares and Takeovers), the withdrawal of the PAI on the date of expiry. Pending the effective completion of talks and receipt of regulatory approvals, acquirers will have to commit to complete the transaction."

"To ensure conformity with the relevant legislation, this phase of removal and resubmission of PIA is undertaken. Therefore, at the completion of talks and receipt of regulatory permits, the agreement will be consummated immediately," the letter states.

The Pakistan Electronic Media Regulatory Authority's licensee is ARY Communications Limited (PEMRA). It is licensed by PEMRA and has seven channels operating in Pakistan. It has different licenses (Satellite TV & Landing Rights). It also works in the recording, voice mail, and other services industries in Pakistan.

As a Free Zone Establishment with limited liability, ARY Digital FZ LLC has been absorbed into Dubai Media City. She is involved with film, television and radio broadcasting, and production support services.

WTL's stock exchange script had closed at Rs. 1.69, with a turnover of 72.91 million shares at Rs. 0.16, up 10.46 percent, on Monday.

If this announcement leads to any shares transition or if it is another episode of WTL's announcement of an acquisition, it is a guess for everyone.

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