KARACHI, Nov 7: Worldcall Telecom Limited — a stock market listed company — announced on Wednesday that the major sponsors of the company had accepted Oman Telecommunication Company’s (Omantel) bid for 65 per cent shares in the company.
The total consideration for the sale-purchase deal has not been stipulated. But analysts thought that Omantel was likely to pay a sum of Rs12.2 billion, equivalent to $203 million for its acquisition of the Pakistani private telecom company.
The agreement stipulates that Omantel would buy out 60 per cent shares in Worldcall from its current sponsors at a price of Rs25 per share.
The change of hands of the controlling stake would be subject to the condition that Omantel makes similar offer to acquire additional 5 per cent shares from the public at the same price per stock. The buyer would have to ensure control of more than 51 per cent of the issued share capital of the company after the exercise of all existing conversion rights.
The aggregate paid-up shares in Worldcall Telecom currently stand at 752 million of the face value of Rs10 each. By virtue of its acquisition of 65 per cent holding in the company, which would be around 489 milllion shares, Omantel is understood to have agreed to pay a sum of Rs12.2 billion, equivalent to $203 million at Rs25 a share, for its acquisition of the company.
