Extension of 90 days given to public WTL-ARY deal
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KARACHI: The WorldCall Telecom Limited (WTL) said that ARY Group will acquire its 51% share after 90 days and in this regard Securities and Exchange Commission of Pakistan (SECP) has granted the said extension.
The lead manager AKD Securities through a notice said, “as part of the acquisition process, the Acquirer through Manager to the Offer has requested an extension of 90 days for making the Public Announcement of Offer pursuant to provision to Regulation 7(1) of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
In this regard, the notice further said, “we would like to inform you that Securities & Exchange Commission of Pakistan (SECP) has granted extension of 90 days till May 05, 2021 for making Public Announcement of Offer.
On August 7, 2020, the AKD Securities had said that the ARY Group has appointed it as a lead manager to acquire more than 51% of the issued and paid up share capital and control in (WTL or the target company).
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