WTL skyrockets after plans raise $5 – $10 million

In a notification sent to PSX on 08/05/2024. Worldcall Telecom Limited (WTL) has announced the agreement with GTC have been successfully completed.

Worldcall Telecom Limited (WTL) has been informed by Worldcall Services (Pvt) Limited (WSL) that GlobalTech Corporation (GTC) a US Company, has commenced trading under the symbol “GLTK”. With the commencement of trading of GTC, all terms and conditions mentioned in plan and agreement of reorganization have been successfully completed.

The Majority Shareholders of WTL i.e WSL and Ferret Consulting F.Z.C (Ferret) have now consolidated their holding into GTC, which is now the ultimate holding company of WTL. It is clarified that WSL and Ferret continue to remain the shareholders of WTL without any change in their respective shareholdings and the ultimate beneficial ownership of WTL also remains same.” With achievement of the above milestone, WTL shall benefit from access to international capital markets. GTC expects to raise a minimum of $05 million to a maximum of $10 million. Funds made available to WTL would substantively accelerate technology transformation through Fiber to the Home (FTTH) roll- out and commercial launch of IT solution for domestic and international market.

The shares of WTL were las trading at Rs. 1.40 today.