ARY Network gets 90 days extension for making PAO to acquire over 51% shares of WTL

MG News | February 23, 2021 at 02:25 PM GMT+05:00

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February 23, 2021 (MLN): The SECP has granted the extension of ninety days to make a Public Announcement of Offer (PAO) by AKD Securities, on the behalf of the acquirers, ARY Communications Limited and ARY Digital FZLLC, which now may be made till May 05, 2021.

AKD Securities has been appointed as the Manager to the Offer by the acquirers.

For the unversed, ARY Communications Limited and ARY Digital FZLLC had made a Public Announcement of Intention (PAI) to acquire more than 51% of the issued and paid-up share capital and control in WorldCall Telecom Limited (WTL) on August 7, 2020.

Thus, as part of the acquisition process, the Acquirer had requested an extension of 90 days in making the Public Announcement of Offer pursuant to the provision to Regulation of Listed Companies Regulations, 2017.

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