MyAdhan Blog

Link: Omantel acquires 65 percent shares of WorldCall

Omantel has acquired 65 percent shares of WorldCall Telecom Limited for $200 million. The finalisation of acquisition was announced in a ceremony held at a local hotel on Friday. The CEO WorldCall Mr Salmaan Taseer led the WorldCall delegation while CEO Dr Mohammed bin Ali Al Wohaibi was leading Omantel team. Pakistan Telecom Authority Chairman Major General (r) Shahzada Alam was the chief guest and Ambassador of Sultanate of Oman to Pakistan HE Mr Mohammad Bin Said Bin Mohamed AI-Lawati graced the occasion as guest of honour. According to deal, Omantel is acquiring 488.8 million (65 percent of available) shares of Worldcall. Of this, 451.2 million shares are from sponsors while 37.5 million are being purchased from the public through the securities markets. The total value of this landmark transaction is around $200 million. Speaking on the occasion, WorldCall CEO Salmaan Taseer said that it has been an immense pleasure for him to announce the acquisition. He said that WorldCall is the first company to launch payphone cards, High HFC System and local loop in the country. Mr Taseer said that Pakistan enjoys very good relations with Oman. He said that WorldCall has a significant market share in long distance and international operations, wireless local loop, metro connect for telecom and enterprise connectivity on fiber optics. The CEO of Omantel said, “The WorldCall Telecom Limited is one of the best telecommunication companies in Pakistan.” He said that there is great potential in telecommunication sector and Omantel would expand the network in Pakistan. He said that Omantel plans to escalate existing WorldCall operations to excel in telecom offerings with further enhancement of network reach and delivery capacity, targeting a rapid growth in market share. The Chairman of PTA said, “The acquisition shows that there are great opportunities for the world companies to invest in Pakistan.” He said that recently China Mobile, world’s largest cell phone company, started its operations in Pakistan. He said that in the recent years, a number of companies have invested in the country. Alam said that Omantel has taken a right decision and PTA would ensure excellent services to the telecommunication sector.Ambassador of Sultanate of Oman to Pakistan, HE Mr Mohammad Bin Said Bin Mohamed AI-Lawati congratulated both companies on signing the deal.