Omantel clarifies its WorldCall investment

Business Sunday 12/March/2017 16:16 PM
By: Times News Service
Omantel clarifies its WorldCall investment

Muscat: Oman Telecommunications Company Omantel said that the majority state-owned telecommunication service provider has written off its entire investment in Pakistan-based WorldCall Telecom Limited, and the impact has been reflected in its 2015 and 2016 accounts.
“Therefore, the disposal of the shares will not have a material impact on the financials of Omantel,” the company said in a disclosure statement posted on MSM website.
Omantel has signed a sale purchase agreement (SPA) with the acquirer, WordCall Services Limited, which is now under the process of receiving the required regulatory approval in Pakistan. The consideration provided under the SPA is that the acquirer will be assuming certain liabilities of WTL, the company added in a clarification statement in response to queries.