WorldCall Telecom has received another proposal to sell out its stakes after it rejected Dunya Group and PTCL for an acquisition, said a stock exchange filing.
This time, “WorldCall Services” along with “Ferret Consulting” have made a public offer to acquire majority shareholding of the telecom operator, which has been in the red for past many years.
According to details, the acquirers — WorldCall Service (Pvt) Ltd and Ferret Consulting (Pvt) Ltd — have made a public announcement through Arif Habib Limited showing their intention to takeover voting and convertible shares of WorldCall Telecom Limited.
WorldCall Services Ltd intends to acquire 488 million ordinary voting shares directly from Oman Telecommunication Company through an agreement representing 56.8 percent of the ordinary share capital of the telecom company.
Moreover, Ferret Consulting intends to acquire 100 percent or 350,000 Convertible Preference Shares (CPS) with a face value of US$100 each through an agreement with shareholders of the company.
These two companies are private limited and information about them is not available on the internet even through their websites and addresses. WorldCall Services Pvt Ltd is a local company based in Lahore, New Garden Town and Ferret Consulting Pvt Ltd is based in Ajman, UAE.
The operator was approached twice by Dunya Group in February and June this year but it failed to conclude a deal with interested parties. Meanwhile, a round of talks was reported between the management of WorldCall and PTCL on shares sale-purchase deal but it was not fruitful.
WorldCall operates cable and digital TV services, EvDO, DSL, WLL and LDI service under various brands.
In the past many months, several complaints were received from customers for low service standard provided by WorldCall Telecom Limited mainly because of operational issues and internal crisis at the organization due to non-payment of salaries to its employees.
Company’s employees went on strikes at multiple occasions leaving all sorts of operations unattended.
The telecom operator has been facing a deep financial crisis with nearly Rs. 3 billion losses and liabilities piled up on the balance sheet so far.
Acquiring organizations are reported to be facing different challenges including operational and financial mismanagement.