Friday, December 14, 2007

Stock of CallMate

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.

1 comment:

Haroon Rashid said...

Mr. Muneeb thanks for the helpful note on your blog.

I cannot understand how the figure of Rs.1 billion accumulated with PTCL and the service still continued. A public utility, a privatised company can incur a liability of Rs.1 billion to favourites, which manipulated the company by financial manipulation and giving out bonus shares.

Prepaid calling card is advance borrowing. In case of PTCL calling card you can pay your phone bill with the calling card. This means this is cash.

So CTTL borrowed incur so called liability for Rs.1 billion. How did PTCL let this happen, unchecked, with a company so rich, and profitable they are giving out bonus shares. And the card member/users are struggling to make calls for the prepaid money. MCI Worldcom did the same, but the FCC, and SEC intervened.

This is perfect fraud, and NAB should act immediately, to grab the corrupt PTCL revenue officers investigate how did they extend Rupee one billion to CTTL.

Now since the crime has been made by PTCL for false billing of Rs.1 billion to kill the card members, they should at least hide their crime to cater the innocent users who were carrried away with the advertised product of a public listed company CTTL for their prepaid card.

NAB organsied anti corruption day last Saturday. This perfect corruption of the Financiers, and the PTCL officials. Please take care of them as they might have slipped off, either the names be put to the ECL.

A public announcement by the regulator for Card members to recall the cards, by alternate card as the card may also be fake, or unchecked circulating in the market.