Dunya Group has purchased 70% shares in WorldCall from Omantel for an undisclosed sum, we have checked with sources who were a piece of the deal.Early reports propose that arrangement between Dunya Media Group and Omantel — that had 70% shares in WorldCall — was marked yesterday and points of interest are prone to be made open amid next couple of days.
It justifies specifying here that 12% shares in WorldCall live with Salman Taseer (late) while another 18% shares are skimmed freely in Pakistan Stock Exchange. Omantel had purchased 65% controlling stakes in WorldCall in 2008 for $193 million. It later purchased favored shares of the organization as well. WorldCall has been in profound monetary emergency for recent years as its general misfortune figures presently remain at Rs 2.95 billion by end of September 2015.
Sources said the present administration of the WorldCall was persuaded by Dunya Group to strip its shares to another purchaser as quickly as time permits as different alternatives were unsuccessfully tested to drag the organization out of its monetary entanglement.
In 2014, the Group chose to offer out its Wireless Local Loop framework for Rs. 2.17 billion, be that as it may, talks didn’t experience.
By monetary report, WorldCall’s present liabilities surpass its present resources by Rs 9.953 billion in spite of the way that the organization completely benefited the credit offices accessible to it. Current liabilities incorporate duty collecting to Rs. 91.375 million in admiration of Term Finance Certificates and long haul credits.
Previously, Omantel, an element having lion’s share possession by Government of Oman, being the Parent organization gave support WorldCall Telecom through surety for credit of $35 million from Askari Bank Limited. This same credit was later assumed control by National Bank of Oman. Further, the Parent organization likewise took up inclination shares of $20 million issued by the Company in 2013. WorldCall works link and advanced TV administration, EvDO, DSL, WLL and LDI administration under different brands.
Dunya Group is allegedly wanting to impact through WorldCall’s link business and upcoming DTH permit that WorldCall is challenging to win.