Dunya workforce has bought 70% shares in WorldCall from Omantel for an undisclosed amount, now we have checked with sources who had been part of the deal.
Early reviews counsel that deal between Dunya Media group and Omantel — that had 70% shares in WorldCall — was signed the day past and details are more likely to be made public all over next few days.
It merits mentioning here that 12% shares in WorldCall live with Salman Taseer (late) whereas every other 18% shares are floated publicly in Pakistan inventory change.
Omantel had bought 65% controlling stakes in WorldCall in 2008 for $193 million. It later offered most popular shares of the company as well.
WorldCall has been in deep monetary predicament for earlier six years as its overall loss figures at the moment stand at Rs 2.95 billion by using finish of September 2015.
Sources stated the current management of the WorldCall was once certain by using Dunya staff to divest its shares to a new buyer as quickly as possible as multiple choices have been unsuccessfully experimented to tug the company out of its financial quagmire.
In 2014, the team determined to promote out its wi-fi native Loop infrastructure for Rs. 2.17 billion, however, talks didn’t go through.
according to its monetary document, WorldCall’s current liabilities exceed its present assets by using Rs 9.953 billion despite of the truth that the company fully availed the credit facilities on hand to it. current liabilities embrace dues aggregating to Rs. 91.375 million in admire of term Finance Certificates and long term loans.
up to now, Omantel, an entity having majority possession by means of government of Oman, being the mum or dad company provided reinforce WorldCall Telecom thru assure for mortgage of $35 million from Askari bank restricted. This comparable loan was later taken over with the aid of national financial institution of Oman. additional, the mum or dad company additionally took up desire shares of $20 million issued through the company in 2013.
WorldCall operates cable and digital tv service, EvDO, DSL, WLL and LDI carrier beneath various manufacturers.
Dunya crew is reportedly planning to persuade thru WorldCall’s cable business and upcoming DTH license that WorldCall is contesting to win.