Allied Supplies and Services (Pvt) Limited (ASSPL) and Dunva Technologies Limited (DTL) are not acquiring 56.8 percent of ordinary share capital and 100 percent of the Convertible Preference Shares of WorldCall Telecom Limited (WTL), said a stock filing Thursday.
To this effect, the two acquirers withdrew, through their Manager to Offer Arif Habib Limited, a Public Announcement of Intention (Pol) on July 01 for the proposed acquisitions.
"We, Arif Habib Limited... would like to confirm that negotiations to acquire the aforementioned shares could not be concluded favourably," said the manager. Citing relevant regulations, it said: "We hereby inform you that the Acquirers are withdrawing the "Pol" as it is not moving forward with the intended acquisition". However, it said, the acquirers reserved the right to make a subsequent 'Intention to Acquire' in the future if they deem fit to resume negotiations with the shareholders of WTL.