Oman Telecommunications Company (Omantel) has announced that it has written off all its investments in WorldCall Telecom Limited (WTL), media sources have reported. Omantel had acquired 56.8pc stakes in WTL back in 2008 for a value of $193m.
Recently, WorldCall services had agreed to buy Omantel’s stakes for an undisclosed value. However, the agreement is expected to be of much lesser value than $193 m.
The company has declared that the financial accounts for 2015 and 2016 had absorbed the financial impact of this step. The company further stated that the transaction is not expected to have a significant impact on its financial results.
Omantel has signed a sale purchase agreement (SPA) with the acquirer, WordCall Services Limited. The transaction is awaiting approval from the required regulatory body in Pakistan.
