KARACHI: The scrip of Callmate Telips on Thursday closed at upper lock (Rs 14.20) after hitting 23 lower locks continuously and sinking to Rs 13.20 on December 12 2007 from RS 45.25 on November, 8 2007.The story started after the company had announced an unexpected result on 12 November 2007.
The company posted loss after taxation of Rs 359 mn (LPS of Rs. 5.50) in FY07 as compared to profit after taxation of Rs 603 mn (EPS of Rs. 9.23) in FY06. The investors and analysts were expecting profitable results but loss has shocked the overall investor's sentiment.
Yesterday the game started after 12 pm when callmate again hit the lower lock at Rs12.20, but after 12 pm the buying started both in open as well as in odd lot markets and this continuous buying from some brokers helped close the scrip with its upper lock at RS 14.20. The overall 6.6 million shares were traded in open market. Shujaat Ali Qarni, the new chairman of the Callmate Telips, is now looking to reestablish the company. Callmate has to pay off around Rs.1 billion payable to PTCL.
According to our sources the officials of Pakistan telecommunication authority are also negotiating PTCL management about these huge liabilities.
We expect that in the coming weeks there may be some changes expected in Callmate Telips Company.