KARACHI: WorldCall Telecom Ltd (WTL) has received intention to acquire shares in the company, a filing with the stock exchange on Tuesday said.

The public announcement of intention of acquisition was made by WorldCall Services (Pvt) Ltd (Lahore) and Ferret Consulting, F.Z.C. (Ajman, UAE), together referred to as ‘acquirers’ to buyout 489 million ordinary shares of WTL representing 56.8pc of the paid-up capital of WTL and 0.350m Convertible Preference Shares, representing 100pc of the Convertible Preference Shares issued by WTL.

Arif Habib Limited who have been appointed as managers to the offer forwarded the notice to the PSX. The intention of acquisition was made in accordance with the Securities Act 2015 read with the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Regulations 2008.

Last month, Omantel having controlling stakes in the WTL said it had ended discussions with a Pakistani investor about purchasing its 56.8 per cent stake in the diversified telecommunications operator after a period of due diligence did not yield a favourable deal.

Published in Dawn, September 7th, 2016