ARY Network withdraws PAI to acquire 51% shares of WorldCall

MG News | February 14, 2022 at 03:32 PM GMT+05:00

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February 14, 2022 (MLN): AKD Securities Limited, the manager to the offer, has announced that ARY Communications Limited and ARY Digital FZ LLC (the "Acquirers") have decided not to proceed with the acquisition of 51% ordinary shares of the capital of WorldCall Telecom Limited (the "Target") due to lack of progress in the required transaction period.

According to the notice, the acquirers have withdrawn the public announcement of intention (PAI) submitted by AKD Securities Limited on May 6, 2021, to acquire the said stake in WorldCall Telecom Limited, as the time period for making the public announcement of the offer has lapsed as of February 01, 2022.

In the premises, and pursuant to regulation, the notice said that as of the expiry date, the PAI stands withdrawn.

Earlier, the acquirers had also withdrawn PAI submitted on August 6, 2020, to acquire more than 51% of the stake in WorldCall Telecom Limited.

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