WorldCall Wins Court Approval For Major Capital Restructuring

LAHORE: The Lahore High Court has approved a 90% reduction in WorldCall Telecom Limited's paid-up ordinary share capital, reducing it from Rs49.82 billion to Rs4.98 billion, under an order issued on July 8, 2026.

The decision was issued in C.O. No. 31942 of 2026 by Justice Khalid Ishaq, confirming the special resolutions passed by WorldCall shareholders during the company's 26th Annual General Meeting held on April 30, 2026. The Securities and Exchange Commission of Pakistan (SECP) did not oppose the petition, with its counsel, Rumman Bilal, stating only that the restructuring must fully comply with applicable laws.

In a notice submitted to the Pakistan Stock Exchange (PSX) and the Central Depository Company (CDC) on July 27, 2026, WorldCall explained that the restructuring consists of two connected steps: a reduction in paid-up share capital followed by a stock split, under which every remaining ordinary share with a face value of Rs10 will be divided into ten shares of Re1 each. The company clarified that shareholders will retain the same total number of shares after the restructuring.

WorldCall said both measures form a single restructuring exercise under the Companies Act, 2017, but will be executed by the CDC in two separate operational phases due to technical limitations within the Central Depository System (CDS).

The company has set Thursday, July 30, 2026, as the Entitlement Date to determine eligible shareholders. The share transfer books will remain closed from July 31 to August 2, 2026, while trading in WorldCall shares will be suspended on July 31, 2026, enabling the CDC and the National Clearing Company of Pakistan Limited (NCCPL) to complete the required processing. Trades executed on the Entitlement Date will be settled on a T+0 basis.

WorldCall also stated that the restructuring will not involve the issuance of new shares, the distribution of company assets, or any transfer of value among shareholders. The company has requested that its shares should not trade ex-price as a result of the exercise.

Following completion of the restructuring, WorldCall's authorised share capital will be revised to Rs21 billion, comprising 19.8 billion ordinary shares of Re1 each and 100,000 preference shares with a face value of $100 each, equivalent to Rs1.2 billion at an exchange rate of Rs120 per US dollar.