ARY Rebids to Acquire WorldCall Telecom

As ARY Group steps up its efforts to acquire 51 per cent of issued and paid-up capital of WorldCall Telecom Ltd along with the management control, its manager to the offer, AKD Securities, refreshed its bid to acquire the control of the company’s management and shares.

According to an official of AKD Securities, the time period for making a public announcement of offer has lapsed as of May 05, 2021, while the negotiations between the ARY and WorldCall sponsors have not concluded to date. The process can take up to six months, they added.
Meanwhile, AKD has submitted a public announcement of intention to acquire the telecom company’s shares and its management.

“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, 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.

According to the official of AKD Securities, the time period for making public announcement of offer has lapsed as off May 05, 2021` on the basis that negotiations between the Acquirer and Target’s sponsors have not concluded till date.

A letter of the AKD Securities said, “This is with reference to the Public Announcement of Intention (PAI) made by ARY Communications Limited and ARY Digital FZ LLC (collectively, the “Acquirers”) dated August 06, 2020 to directly or indirectly acquire more than 51% ordinary share capital of WorldCall Telecom Limited (the “Target”), subject to successful conclusion of the negotiations between the acquirer and sponsors of the target company (the “Transaction”).”

It further said that “In the premises, and pursuant to Regulation 21 1(e) and 21 (2) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeover) Regulations 2017 (“Regulations”) read with the Securities Act 2015, we hereby give notice that as of the expiry date, the PAI stands withdrawn. The Acquirers continue to be committed to consummate the Transaction pending successful conclusion of the negotiations and receipt of regulatory approvals.”

“This process of withdrawal and re-issuance of PAI is being undertaken to ensure compliance with the applicable law. Accordingly, the transaction will be consummated immediately upon conclusion of the negotiations and receipt of regulatory approvals,” the letter said.

THREE MONTHS EARLIER:

In Feb 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 a notice at the PSX website, AKD Securities — which is also the lead manager of acquisition — said that “as part of the acquisition process, the Acquirer through Manager (AKD Securities) to the Offer has requested an extension of 90 days for making the Public Announcement of Offer pursuant to the 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 an extension of 90 days till May 05, 2021, for making Public Announcement of Offer.”

AKD Securities through a notice on August 07, 2020 had said that it was appointed as Manager by the ARY Group to acquire more than 51% (fifty-one percent) of the issued and paid-up share capital and control in WTL.

Courtesy: The Correspondent

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