Karachi February 14 2022: AKD Securities Limited, in its capacity as the Manager to Offer, would like to intimate that the time period for making the public announcement of offer has lapsed as of February 01, 2022 for acquisition of WorldCall Telecom by ARY Communications Limited and ARY Digital.
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Due to lack of progress in the transaction within the required period, the Acquirer has decided not to proceed with the acquisition of shares of the Target Company.
This is with reference to the Public Announcement of Intention (“PAI”) made by ARY Communications Limited and ARY Digital FZ LLC (the “Acquirer”), dated May 06, 2021 to directly or indirectly acquire more than 51% ordinary share capital of WorldCall Telecom Limited (the “Target”), subject to successful conclusion of the negotiations between the acquirer and sponsors of the target company (the “Transaction”).
