Worldcall Telecom Limited (WTL) announced a significant development in its corporate structure on Wednesday. The company informed Pakistan Stock Exchange (PSX) that its subsidiary, Worldcall Services (Private) Limited (WSL), has established a US-based holding company, GlobalTech Corporation (GTC).
GTC has begun trading under the symbol “GLTK,” signifying the successful completion of a pre-defined reorganization plan. This plan involves WSL and Ferret Consulting F.Z.C. (Ferret), WTL’s majority shareholders, consolidating their holdings into GTC. GTC now serves as the ultimate holding company for Worldcall Telecom Limited.
Importantly, WSL and Ferret will retain their existing shareholding percentages in WTL. Additionally, the ultimate beneficial ownership of Worldcall Telecom remains unchanged.
This strategic move is expected to provide significant benefits for Worldcall Telecom. The company will gain access to international capital markets through GTC. GTC anticipates raising between $5 million and $10 million, with the funds specifically allocated to accelerate Worldcall’s technological advancements. This includes the rollout of Fiber-to-the-Home (FTTH) infrastructure and the launch of IT solutions for both domestic and international markets.
The news follows GTC’s successful allocation of the trading symbol “GLTK” on the Nasdaq stock exchange in November 2023. This development positions Worldcall Telecom for potential growth and expansion through its association with the US-based holding company.
