ARY Network submits fresh PAI to acquire over 51% stake of WorldCall

May 17, 2021 (MLN): WorldCall Telecom Limited has received a Public Announcement of Intention (PAI) from ARY communications Limited and ARY Digital FZ LLC, to acquire more than 51% of the Issued and Paid-up Share Capital of WorldCall Telecom Limited together with management control.

The PAI was submitted by AKD Securities as it has been appointed as the Manager to the Offer by the acquirers, in accordance with the provisions of the Act and the Regulations.

ARY Communications Limited is the licensee of the Pakistan Electronic Media Regulatory Authority (PEMRA). It has obtained various licenses (Satellite TV & Landing Rights) from PEMRA and operates seven channels in Pakistan. Moreover, it is also engaged in the business of audio text, voice mail, and other value-added services in Pakistan.

ARY Digital FZ LLC is incorporated in Dubai Media City as Free Zone Establishment with Limited Liability. It is engaged in the business of Broadcast and Production Support Services of Films, TV & Radio.

Earlier, the acquirer had withdrawn PAI submitted on August 6, 2020, to acquire more than 51% of the stake in WorldCall Telecom Limited, as the time period for making the public announcement of the offer (as extended by the Securities & Exchange Commission of Pakistan)  had lapsed on May 5, 2021, on the basis that negotiations between Acquirer and Target's Sponsors had not concluded till that time.

However, the notice from AKD Securities said that the Company would make a fresh PAI via Pakistan Stock Exchange (PSX) upon conclusions of the negotiations and receipt of regulatory approvals.

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