November 4, 2019 (MLN): ARY Digital Network is planning to invest more than US $55 million in World-Call Telecom Limited (WTL), post-acquisition of majority stake and management control in the Company.
According to Gulf News, the primary focus of investment will be CAPEX based network investments and fiber upgradation to bring WTL back as market leaders in media operations. Moreover, this acquisition will add to the “Foreign Direct Investment” (FDI) in the country and also create new employment opportunities.
On this occasion Mr. Salman Iqbal said “Our target is to achieve at least a million subscribers in the metropolitan cities of Pakistan by providing customers with state-of-the-art technologies in Pakistan procured globally with unmatched customer services. We are confident that through this acquisition, this investment by ARY in the telecom space will help Pakistan solidify its existing foot print in the telecom sector and will enable it to become the regional epi-center of technology.”
MPC Decision