The WorldCall Services (Private) Limited (acquirer) have made an announcement to acquire 185,866, 042 shares of WorldCall Telecom Limited (WTL) (target company) from the public. This represents 21.60pc of the total issued ordinary share capital.The acquirer is willing to offer Rs2.69 per ordinary share to the general public.
Worldcall services limited had entered into a sale/purchase agreement with Omantel Telecommunications (seller) on October 11, 2016 for the purchase of 488,839,429 ordinary shares at Rs 0.00000020 per share of WorldCall Telecom Limited. This represented a total of 56.80% of total issued share capital of Worldcall Telecom Limited.
Besides the above mentioned agreement, Ferret Consulting had 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.
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.
