WorldCall Telecom Limited (WTL) has officially announced a significant milestone as its associated entity, Global Tech Corporation (GTC), commenced trading under the name, GLTK.
This development is a pivotal part of a broader reorganization plan that has now been fully executed, according to company sources.
WTL, informed by its subsidiary WorldCall Services (Pvt) Limited (WSL), noted that with GTC’s entry into the trading arena, all the planned terms and conditions have been met. The reorganization sees WSL and Ferret Consulting F.Z.C—majority shareholders of WTL—consolidating their holdings into GTC, making it the ultimate holding company.
The move ensures that WSL and Ferret retain their shareholder status in WTL, with no changes to their respective shareholdings or to the ultimate beneficial ownership of WTL.
This strategy aligns with WTL’s goals to leverage international capital markets for fundraising, with GTC planning to raise between $5 million and $10 million. The funds are earmarked to substantially speed up the technology transformation through initiatives like Fiber to the Home (FTTH) rollouts and the launch of IT solutions tailored for both domestic and international markets.
WTL has committed to keeping the Pakistan Stock Exchange (PSX) updated on any further developments in this strategic direction. The company has also advised informing TREC holders of the Exchange about these changes.
