Omantel Writes Off its Investment in WorldCall

Omantel, Oman’s state run telecom company, which acquired 56.8% stakes in WorldCall back in 2008 against a sum of $193 million, has written off its investment in 2015-16.

More recently, WorldCall services had agreed to buy Omantel’s stakes for a value that wasn’t disclosed to media. However, it is said that value of recent arrangement between WorldCall services and Omantel is a lot lesser than $193 million.

Omantel, in response to the developing situation, clarified that while it had written off its entire investment in Worldcall, the latest deal is not going to impact its results this year.

“Therefore, the disposal of the shares will not have a material impact on the financials of Omantel,” the company said in a statement.

Omantel has signed a sale purchase agreement (SPA) with the acquirer, WordCall Services Limited, which is now under the process of receiving the required regulatory approval in Pakistan.

The consideration provided under the SPA is that the acquirer will be assuming certain liabilities of WTL, the company added in a clarification statement.

  • Omantel providing the seed capital for the WorldCall has turned to be a sore to the consumers. Un-regulated by the respective Regulatory Regime of PEMRA where as the power is off the TV is off. No back up power for the TV, internet in the whole Karachi. The company can be progressive provided it is managed by managers work in todays challenge of Media as Netflix which has swept Amazon, and Sky network worldwide. Why companies as WorldCall can do or follow the steps of Netflix. We may enter into a bilateral arrangement with the US for our content to be sold in the US as we have received Netflix to all Pakistan. We respect IPR and go globally under bilateral trade in the WIPO. Worldcall is a treasure of the nation a listed PSE, with linkages with MSCI and can possibly sell our content to all the member countries of MSCI. Today it is a laughing stock in the country. Please take it seriously.

  • WorldCall should pay the gratuity and other due amounts to its former employees once the deal is completed successfully .

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