Following the parent company’s announcement that it would raise money on the US stock market and use a portion of the proceeds to upgrade digital infrastructure in Pakistan, WorldCall Telecom Limited (WTL), a penny stock, became the market leader in terms of volume on the Pakistan Stock Exchange (PSX) on Wednesday.
“The technological transformation project at WorldCall Telecom Limited is going according to schedule. We started the second phase of FTTH conversion after finishing the FTTH pilot project, WTL announced in a notification to the PSX earlier this week.
Millions of people utilise the fast and dependable FTTH network, which is popular throughout Europe. Internet speed is increased, and telephone and television services are enhanced using the FTTH platform and blockchain technology.
According to our parent business, WorldCall Services (Pvt) Limited (WSL), in order to finance the project’s next phase, is finalising agreements that will give the company access to reputable capital markets outside of Pakistan.
WSL has decided to list on the National Association of Securities Dealers Automated Quotations (Nasdaq) stock market and sell shares to the public in order to raise money.
However, it is unknown how much money will be transferred from the parent firm to Pakistan to finish the second phase of the infrastructure improvement project.
“PSX posted a volume of 636 million shares on Wednesday, a 15-month high. WorldCall Telecom served as their leader, according to Topline Securities CEO Muhammad Sohail’s tweets.
WTL’s share price, on the other hand, fell 3.68% (or Rs0.06) to settle at Rs1.57 on Wednesday at the PSX.
According to WTL’s complete financial reports for the three months ending March 31, 2022,
“the company’s majority shareholder, WorldCall Services (Private) Limited, has given assurance to provide sustained cash flow assistance through its letter to the company’s board of directors.”
With financial assistance from the majority shareholder, a business strategy to launch Fibre to the Home services will be established, it was noted.
Earlier, the business installed FTTH in important Lahore neighbourhoods. All of its cable operations are being converted to FTTH, and all of its subscribers have been moved to the open blockchain platform.
In contrast to the dedicated connections on FTTH, Internet service providers (ISPs) using older cables offer scattered internet connections. IT professional Noman Ahmad Said recently stated that “it (old technology) lacks capacity and speed.”
Fiber, which is essential for high-speed internet, is absent in older connections. According to Noman Ahmad, CEO of SI Global Solutions, four to five of Pakistan’s eight ISPs already use FTTH technology.
Earlier, the company and Tufa Telecommunications entered into a commercial collaboration agreement to roll out upgraded services throughout Pakistan and to start the FTTH trial project.
WTL claimed to have more than 1,850 kilometres of fibre optic infrastructure spread across 20 major cities, giving them access to the market of over 3 million households, in a previous bourse filing.
