Oman Telecommunications Co. OTL.OM (Omantel) will seek shareholder approval to serve as a guarantor to obtain funding for struggling Pakistani unit Worldcall (WCTL.KA), the company said on Wednesday.
Worldcall has requested $70 million in funding for capital expenditure and meet liabilities but was unable to independently obtain the required financing, Omantel said in a statement.
Omantel's board of directors will raise the issue of stepping in as a guarantor to obtain the financing at a planned extraordinary general meeting."
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