June 11, 2003	Wednesday	Rabi-us-Sani 10, 1424

KARACHI, June 10: WorldCALL Communications Limited — a stock market listed company — proposes to merge/amalgamate with World CALL Phonecards Limited (a wholly-owned subsidiary of WorldCALL Communications Limited).

An extraordinary General Meeting of the shareholders in the company would be held on June 30 to approve the scheme of Arrangement for Merger/ Amalgamation. The meeting would also resolve to make additional investments in the form of loans/advances for a period of up to two years to the following companies in accordance with the provisions of section 208 of the Companies Ordinance, 1984: WorldCALL Multimedia Limited (listed company) up to Rs25 million and WorldCALL Broadband Limited (unlisted concern) upto Rs100 million.

The Resolution would further state: “Advances to WorldCALL Broadband Limited and WorldCaLL Multimedia Limited will be subject to such mark up rates as may be agreed between the companies in accordance with the criteria laid down in sub- section (1) of section 208 of the Companies Ordinance, 1984,” the company said in a notice issued on Monday.

WorldCall Multimedia was one of the four companies that sought listing at the stock exchanges in 2002. Its share is currently quoted at Rs13 and the company has a paid-up capital of Rs530 million. WorldCALL Communication holds Rs1592 million in paid-up capital. Its stock is trading at Rs15.35 and the company has already announced bonus shares at 25 per cent (one- for-four) as interim payout for the year 2003.