Worldcall Telecom Limited (PSX: WTL) has announced that GlobalTech Corporation (GTC), a US-based company, has commenced trading under the symbol GLTK, according to a statement released by Worldcall Services (Private) Limited (WSL) to the main bourse on Wednesday.
The commencement of trading for GTC marks the successful completion of all terms and conditions outlined in the plan and agreement of reorganization. As a result, the majority shareholders of WTL, namely WSL and Ferret Consulting F.Z.C (Ferret), have consolidated their holdings into GTC, which now serves as the ultimate holding company of WTL, the stock filing stated.
Despite this reorganization, WSL and Ferret maintain their status as shareholders of WTL without any alteration to their respective shareholdings. Additionally, the ultimate beneficial ownership of WTL remains unchanged.
The stock filing further highlighted the potential benefits for WTL following its alignment with GTC. With access to international capital markets, WTL is poised to leverage this partnership to its advantage. GTC aims to raise a minimum of $5 million to a maximum of $10 million, with the funds earmarked to significantly accelerate technology transformation initiatives. These include the roll-out of Fiber to the Home (FTTH) services and the commercial launch of IT solutions tailored for both domestic and international markets.
It is noteworthy that GTC was allocated the symbol ‘GLTK’ on the Nasdaq stock exchange back in November 2023.
The completion of this reorganization signifies a strategic move for WTL, positioning the company for enhanced growth opportunities and technological advancements in the telecommunications sector. As stakeholders await further developments, the collaboration between WTL and GTC holds promise for driving innovation and value creation in the industry.
