WorldCall Plans to Raise Funds Through Listing On Nasdaq

The parent company of WorldCall Telecom Limited, WorldCall Services Limited has planned to raise funds through its listing on the renowned global stock exchange, the National Association of Securities Dealers Automated Quotations Stock Market (NASDAQ). According to the stock filing, WorldCall Telecom is progressing as per plan on its technology transformation project, which is the rollout of the pilot project of Fiber To The Home (FTTH). The company embarked upon its 2nd phase of FTTH conversion, the parent company is concluding arrangements to finance the next phase of the program through open access to quality capital markets outside Pakistan for its subsidiary, WorldCall Telecom Limited. For this purpose, the National Association of Securities Dealers Automated Quotations Stock Market (NASDAQ) has been selected for listing. GlobalTech Corporation filed a registration statement (Form 10) and initiated the listing process. After the stock filing, WTL’s scrip at the bourse today was closed at Rs. 1.69, up by Rs. 0.58 or 52.25 percent, with a turnover of 345.9 million shares. According to the available financial data, the company reported a loss of Rs. 390 million in the quarter of January to March. The company previously got engaged in negotiation with various media and telecom giants for its sell-off offers but including PTCL, Dunya, and ARY but the deal did not enter into any conclusive note. Every one of these previous announcements had also brought a stock price shoot for WTL on the stock market.