Karachi November, 22, 2021: AKD Securities Limited in a PSX filing has disclosed its intimation for Extension in timeline for Public Announcement of Offer to acquire more than 51% (fifty-one percent) of the issued and paid up capital and control in WorldCall Telecom Limited by ARY Communications Limited and ARY Digital FZ LLC (“Acquirer”)
This is with reference to the Public Announcement of Intention (“PAI”) published on May 06, 2021 to acquire more than 51% (fifty-one percent) of the issued and paid up share capital and control in WorldCall Telecom Limited (“WIC or the “Target Company”).
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As part of the acquisition process, on behalf of the acquirers, we would like to intimate Securities and Exchange Commission of Pakistan and Pakistan Stock Exchange that the Acquirer has extended the date of Public Announcement of Offer date by ninety (90) days.
The acquisition has been in the works for months since ARY had announced its plans on 23 February 2021 to acquire this share with the intent to take over 100 percent shares of WTL. It was revealed in the same announcement that the deal would be signed after ninety days. Now, upon the completion of the stipulated time period, ARY has rebid to acquire a stake in WTL.
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However, WTL’s announcements of being taken over are nothing new as it had made similar announcements on at least three different occasions on 1 November 2019, 7 August 2020, and 23 February 2021. Every one of these announcements had also brought a stock price shoot for WTL on the stock market.
Each time, the PAI is submitted by AKD Securities as it has been appointed as the Manager to the Offer by the acquirers in accordance with the provisions of the Act and the Regulations. According to the official of AKD Securities, the duration for making a public announcement of the offer had lapsed on 5 May 2021 on the basis that the negotiations between the Acquirer and the Target’s sponsors have not been concluded to date.
RY Communications Limited is the licensee of the Pakistan Electronic Media Regulatory Authority (PEMRA). It has obtained various licenses (Satellite TV & Landing Rights) from PEMRA and operates seven channels in Pakistan. It is also engaged in the business of audio text, voice mail, and other value-added services in Pakistan.
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ARY Digital FZ LLC has been incorporated into Dubai Media City as a Free Zone Establishment with Limited Liability. It is engaged in the business of Broadcast and Production Support Services of Films, TV & Radio.
WTL’s scrip at the bourse was closed at Rs. 1.69, up by Rs. 0.16 or 10.46%, with a turnover of 72.91 million shares on Monday.
For now, if this announcement will lead to any change of ownership in the shares or if it is just another episode of WTL announcing a takeover is anybody’s guess.
