What’s happening in WTL’s share trade? Nothing clear
3 min read
SECP did not reveal any detail regarding signing deal or approval granted to WTL to sell its shares to ARY Digital, while all other sources involved in this deal are also silent
KARACHI: The WorldCall Telecom Ltd (WTL) has submitted its application to the Securities and Exchange Commission of Pakistan (SECP) to sell its 51% stakes to the ARY Digital, the source in SECP confirmed the Treasure Magazine here on Monday.
Source in SECP did not reveal any detail regarding signing deal or any approval granted to the WTL to sell its shares to ARY Digital in this regard while all other sources involved in this deal are also silent over it.
AKD Securities Limited, as a manager of this deal, has re-bid to acquire 51 per cent shares along with management control of WorldCall Telecom Ltd on May 6, 2021. Earlier, the time period was lapsed for the acquisition as there were some objections from regulators which both the companies could not fulfilled.
“SECP has received applications from the WorldCall and the ARY Digital, but we cannot disclose the details on it,” the official said. However, the source in AKD claimed that nothing yet finalized regarding this deal while the application is in the process and may take three-month or more to finalize this deal as have to take regulators’ approval in this regard.
In last four trading sessions, the share price of the WorldCall Ltd had gained over Rs 2.00 and trading at Rs 3.51 from Rs 1.50 about two weeks ago. Trading of this share is leading the stock market and because of higher share trade in WTL, the PSX share trading has broken all previous records.
“On behalf of the acquirer, we are pleased to submit a public announcement of intention to acquire more than 51 per cent of the issued and paid up share capital of WorldCall Telecom Limited (target company) together with the management control,” the AKD notice said earlier this month, adding that this “public announcement of intention is intended to be published in newspapers in accordance with the regulations and acts”.
WorldCall Telecom Limited informed its investors through material information sent to Pakistan Stock Exchange (PSX) that it has received a notice of public announcement of intention from AKD Securities Limited acting as the manager to offer on behalf of ARY Communications Limited and ARY Digital FZ LLC.
SECP has also confirmed it that the company has applied for the sale of 51% shares.
In February this year, after a gap of eight months, WorldCall Telecom disclosed to the Pakistan Stock Exchange (PSX) that ARY Group is set to acquire a majority share in the company and that this process will take another 90 days to be completed.
In this regard, SECP had granted an extension of 90 days till May 05, 2021, for making Public Announcement of Offer.”
Earlier, the sources had claimed that the ARY Group had already acquired above 51% share of the company in January 2020 without any intimation to the PSX or the investors, while the remaining shares would be acquired through AKD deal, they claimed
WorldCall Telecom had also denied the rumours through a letter to the stock market in which it had claimed that there is no deal between the WTL and ARY Group and said it will inform about this deal to PSX and SECP if we signed. Despite objections raised by the Pakistan Broadcaster Association (PBA) on January 21, 2020, SECP and the PSX remained silent on the matter, while investors lost millions of rupee during speculation in WTL stock.
The share price of WorldCall Telecom has jumped to Rs 3.50 today till 1.50pm, while 312 million shares of WTL were traded at PSX today.
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