ARY initially planned to invest 55 million$ to invest in WTL and plans to acquire more than 51%

of the stake and management control in WTL. ARY is Pakistan’s leading media company and
based in Dubai owned by one of the most powerful personality in Pakistan Salman Iqbal. WTL is
telecommunication and multimedia company which is owned by an Omani company Omantel.
ARY wants to diversify its investments and bring back a lost market leader WTL back in business
through fiber upgradation for better telecommunication services. ARY plans to invest in state-
of-the-art telecommunication technologies to cater to the needs of the growing internet
demand of the Pakistani people who have to mostly rely on PTCL and other small
telecommunication services providers for the broadband based internet services. ARY plans to
achieve one million subscribers in the metropolitan cities.

WTL does not have enough capital for investment in Fiber optic technology as it has note been
generating a lot of profit in the recent years. Due to poor performance and lost of share in the
market to continue with the investment in better technology either company has to take loan
from bank which it will get at high cost or raise capital which will also not be possible given the
stock performance of the company in the recent years. So only option which WTL has been left
with is the possible acquisition by a big company which aims to invest in the project which can
help company with acquiring the lost market share,