Dunya Group has bought 70% shares in WorldCall from Omantel for an undisclosed amount, reports local news website, ProPakistani.
Reports suggest that deal between Dunya Media Group and Omantel — that had 70% shares in WorldCall — was signed yesterday and details are likely to be made public during next few days.
It merits mentioning here that 12% shares in WorldCall reside with Salman Taseer (late) while another 18% shares are floated publicly in Pakistan Stock Exchange.
Omantel had bought 65% controlling stakes in WorldCall in 2008 for $193 million. It later bought preferred shares of the company as well.
WorldCall has been in deep financial crisis for past six years as its overall loss figures currently stand at Rs 2.95 billion by end of September 2015.
Sources said the present management of the WorldCall was convinced by Dunya Group to divest its shares to a new buyer as soon as possible as multiple options were unsuccessfully experimented to drag the company out of its financial quagmire.
In 2014, the Group decided to sell out its Wireless Local Loop infrastructure for Rs. 2.17 billion, however, talks didn’t go through.
WorldCall operates cable and digital TV service, EvDO, DSL, WLL and LDI service under various brands.
Dunya Group, through this investment, hopes to secure an upcoming DTH license, which WorldCall’s cable business is contesting to win.
Source: http://propakistani.pk/2016/02/18/breaking-dunya-media-group-buys-worldcall/