Pakistan’s leading media company, ARY Digital Network based in Dubai plans to invest more than US$55 million in WorldCall Telecom Limited (WTL)as it is set to acquire majority stakes in the company
ARY Communications Limited and ARY Digital FZ LLC has made a public announcement of intention to acquire 51% stake and management control in World Call Telecom Limited.
WorldCall Telecom Limited is a Pakistani telecommunication and multimedia service provider which is a subsidiary of Omani company Omantel. It is based in Lahore, Pakistan.
ARY Digital FZ LLC is a Dubai based Media Company that caters to South Asian viewers globally through its TV Channels. The Company is also engaged in business of Broadcast and Production Support services for films, television and radio.
Both ARY Communication and ARY Digital fall under the umbrella of ARY Digital Network, which is headed by Salman Iqbal as President and CEO. Salman Iqbal also owns the Pakistan Super League (PSL) franchise Karachi Kings.
“ARY Digital Network plans to invest more than US $55 million in WTL post-acquisition of majority stake and management control in the Company,” said Salam Iqbal in a statement to Gulf News.
The primary focus of investment, he added, would be CAPEX based network investments and fiber upgradation to bring WTL back as market leaders in media operations.
Moreover, he noted that the acquisition would add to the foreign direct investment (FDI) to Pakistan and also create new employment opportunities.
“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-centre of technology.”
Courtesy: Gulf News