Karachi (Business Reporter): Pakistan Broadcasters Association informed Pakistan Stock Exchange through a letter that PBA has objected acquisition deal between ARY and World Call.
“It is pertinent to mention that neither the ARY Group,nor World Call have sought the requisite permission and approval from PEMRA and hence proposed acquisition of World Call is patently illegal and gross violation of law,” PBA stated in a letter sent to PEMRA and shared with the PSX Management. PBA has also sent same letter to the Securities and Exchange Commission of Pakistan.
ARY Group is interested to acquire World Call, which is leading internet and cable television service provider. ARY and World Call management are finalizing deal which will require SECP’s approval.