Breaking: Dunya Media Group Buys WorldCall

Dunya Group has bought 70% shares in WorldCall from Omantel for an undisclosed amount, we have checked with sources who were part of the deal.

Early reports suggest that deal between Dunya Media Group and Omantel — that had 70% shares in WorldCall — was signed yesterday and details are likely to be made public during next few days.

It merits mentioning here that 12% shares in WorldCall reside with Salman Taseer (late) while another 18% shares are floated publicly in Pakistan Stock Exchange.

Omantel had bough 70% controlling stakes in WorldCall in 2008 for $193 million. WorldCall, since OmanTel acquired majority stakes, has struggled due to technological deficiencies and managerial issues that left the company in hefty losses.

WorldCall operates cable TV service, EvDO and wireless local loop service under various brands.

Dunya Group is reportedly planning to influence through WorldCall’s cable business and upcoming DTH license that WorldCall is contesting to win.

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