Breaking: Dunya Media Group Buys WorldCall

Dunya Group has bought 70% shares in WorldCall from Omantel for an undisclosed amount, we have checked with sources who were part of the deal.

Early reports suggest that deal between Dunya Media Group and Omantel — that had 70% shares in WorldCall — was signed yesterday and details are likely to be made public during next few days.

It merits mentioning here that 12% shares in WorldCall reside with Salman Taseer (late) while another 18% shares are floated publicly in Pakistan Stock Exchange.

Omantel had bought 65% controlling stakes in WorldCall in 2008 for $193 million. It later bought preferred shares of the company as well.

 

Advertisement

WorldCall has been in deep financial crisis for past six years as its overall loss figures currently stand at Rs 2.95 billion by end of September 2015.

Sources said the present management of the WorldCall was convinced by Dunya Group to divest its shares to a new buyer as soon as possible as multiple options were unsuccessfully experimented to drag the company out of its financial quagmire.

In 2014, the Group decided to sell out its Wireless Local Loop infrastructure for Rs. 2.17 billion, however, talks didn’t go through.

According to its financial report, WorldCall’s current liabilities exceed its current assets by Rs 9.953 billion despite of the fact that the company fully availed the credit facilities available to it. Current liabilities include dues aggregating to Rs. 91.375 million in respect of Term Finance Certificates and long term loans.

In the past, Omantel, an entity having majority ownership by Government of Oman, being the Parent company provided support WorldCall Telecom through guarantee for loan of $35 million from Askari Bank Limited. This same loan was later taken over by National Bank of Oman. Further, the Parent company also took up preference shares of $20 million issued by the Company in 2013.

WorldCall operates cable and digital TV service, EvDO, DSL, WLL and  LDI service under various brands.

Dunya Group is reportedly planning to influence through WorldCall’s cable business and upcoming DTH license that WorldCall is contesting to win.


  • sheryar

    Zong 4G MBB is throttling torrent downloads to 100kbps

    • Zafar Abbas Rizvi

      FYI

      • guest

        what is this ???? the comment was deleted so it is hard to guess

        • Zafar Abbas Rizvi

          Ek bhai saahib hyn har jagah pesh kar rahay hyn k zong ne torrent downloading ki speed 100 kBps pe cap kar di hai. Unko dikha raha tha torrent pe Zong speed.

          • Paindoo

            I am witnessing the same problem with my download being capped at 100 KB/s by Zong from couple of days in Lahore. But you are right it is not the proper post to highlight the issue.

      • M. Aamir. M

        Another LOL..!! :P

    • Rizwan Yaqoob

      Phir se off-topic comment -_-
      bhai elaan karo masjid mein. har article mein yahi rona ro rahay ho.

  • Jahangir

    Is se Worldcall ki service me koi behtri ayegi ya nahi?

  • Against PEMRA rule

    Illegal and against PEMRA rules 2009 13 –

    4) A licensee who owns, controls or operates directly
    or indirectly any other distribution service licence shall not be
    granted a landing rights permission or broadcast media licence.

    5) A licensee who owns, controls or operates directly
    or indirectly broadcast media licence or landing rights permission
    shall not be granted a distribution service licence.

    • AbdulB1

      pm’s in-laws arent the ones who own dunya news?

      • Lazy Sapper

        Lol. Really? I though Mian Amir Mehmood was its owner?

        • AbdulB1

          all of them are interlinked……..

        • Aon Bilal

          Mian AAMIR Mehmood Only FrontMan Dunya GrP Real Owner Malik Riaz And Sun TV Bhi Isi Ka Ha

    • Gulfam

      WorldCall is a separate legal entity although shareholders may be same. That’s why it does not violate PEMRA rules.

      • Against PEMRA rule

        Read the words carefully again:
        “controls or operates directly or indirectly”

        It is absolutely clear. There is no doubt. I know the persons who drafted this. The team was very smart and used the best media rules and wordings used in Germany and China media ownership rules.

        Without any doubt violation of this rule will not stand to scrutiny by Supreme Court.

  • Muhammed Ovais Alam

    World call will revive now.

  • Shayan Javed

    That was a fake news. Worldcall has even clarified the vagueness of these rumors at PSX Announcement. Pity, being first at breaking news brings doubt at the credibility.

    • Worldcall ka satayaa hua

      Worldcall is treating their employees like donkeys,more than 7 Months salaries are pending and it’s counting.Upon asking the answer is always the same “Company kay pass funds nahi”

  • WORLDCALL ka sataya hua

    Worldcall is treating their employees like donkeys,more than 7 Months salaries are pending and it’s counting.Upon asking the answer is always the same “Company kay pass funds nahi”.
    It’s been 4 years now and they answer didn’t change.

    • Wcall ka Mazloom

      Its 100% right information…for low level employees they don’t have funds and high level management is getting paid regularly.

    • WORLDCALL ka Mazdoor

      This is 100% authentic and now February month is going to end then there will be 8 Month’s salaries pending.

  • Karim Javed

    Thanks god it’s better then never late, After being tired of their service and disconnection issues I was planning to switch but today they visited my office and told me everything. Omantel was not paying salaries to their employees that’s why staff was not working. their internet is good but support makes a huge difference which i pray must be solved soon.