Karachi: WorldCall Telecom Limited has released a corrigendum to address discrepancies in the operational treatment of fractional balances during the implementation of a court-sanctioned capital restructuring process. This follows an initial communication on July 30, 2026, detailing the sanctioned capital reduction and consequential stock split approved by the Hon'ble Lahore High Court.
On August 10, 2026, the company clarified that the capital restructuring process, while legally unchanged, was operationally executed through two primary stages: capital reduction followed by a consequential stock split. However, the treatment of fractional balances during the capital reduction stage differed from previous illustrative procedures.
Initially, the capital reduction was applied to each shareholder's holdings, processing only whole shares in the Central Depository System (CDS), without addressing fractional components at this stage. The resultant whole shares were subsequently subjected to a stock split, multiplying each share by ten. Any numerical shortfall compared to the original shareholding was later rectified through a separate upload, ensuring the final shareholding matched the original number.
A case in point was shareholder Muhammad Qasim, whose initial holding of 334,918 shares was reduced to 33,491 whole shares after the capital reduction. Following the stock split, his shares increased to 334,910, with a balancing upload of 8 shares restoring his final holding to 334,918, as originally held.
According to information available from the Pakistan Stock Exchange (PSX), this operational approach was an implementation mechanism that maintained the legal and economic integrity of the court-sanctioned restructuring. The company confirmed that the aggregate and individual number of ordinary shares remained unchanged, and no shareholder's economic interest was affected due to the fractional processing.
The corrrected process involved reducing the nominal value of each ordinary share from PKR 10.00 to PKR 1.00, as part of the integrated restructuring. The company's initial letters, including any reference to potential minor variations in share numbers, are now superseded by this corrigendum.
WorldCall Telecom Limited has requested the Central Depository Company of Pakistan Limited (CDC), National Clearing Company of Pakistan Limited (NCCPL), and PSX to update their records to reflect the accurate implementation of the restructuring. This corrigendum should be read alongside previous communications, ensuring a comprehensive understanding of the capital restructuring's execution.