Karachi: WoldCall Telecom Limited (WTL), a listed telecom company, denied misleading news items appearing in a section of social media that resulted in an exceptionally high volume of trade in its stocks yesterday.
The unconfirmed market talks related to WorldCall Telecom led to speculation in Media Times Limited (MDTL) and the WorldCall Telecom Limited (WTL) for the last two days despite no development being visible in both stocks.
“We also advise our clients to take extra caution before making any investment move based on such unclear news on social media,” Mustafa Mustansir, head of research at Taurus Securities Ltd., said in a phone interview from Karachi. “The credible news and information mean a lot for investment, sometimes everything.”
According to the investors at the trading hall at Pakistan Stock Exchange (PSX), there were rumors that the owners of MDTL have given its only English newspaper to another party.
The company had also sold its property (where the Daily Times and B-Plus offices were located) to a bank to rid-off loans worth millions of rupees and, according to MDTL’s sources, the company is paying installments worth millions of rupee to pay-off its loans.
Former governor Punjab Salmaan Taseer, who was the owner, got Media Times Limited registered with the Securities Exchange Commission of Pakistan (SECP). It was incorporated in Pakistan on June 26, 2001, as a Private Limited Company Under Companies Act.
About six months ago, the WorldCall Telecom Ltd informed its investors on the Pakistan Stock Exchange (PSX) website that it has received a notice of public announcement of intention from AKD Securities Limited, who are acting as managers to offer on behalf of ARY Communications Limited
and ARY Digital FZ LLC.
Mohammad Zaki Munawar, Company Secretary of the WTL said, “It’s a routine trading at PSX board, but the deal is not finalized yet and as it finalized we will inform about it to PSX.” He further said that we have started Fiber to The Home (FTTH) service in two areas of Lahore, while it will also start in Karachi soon.