A large number of Omani individuals have bought shares in incumbent Omantel via a public offering, local reports suggested.
The offer, which closed on 13 April, marked the second and final stage of a process initiated by the Omani government last year…
A large number of Omani individuals have bought shares in incumbent Omantel via a public offering, local reports suggested.
The offer, which closed on 13 April, marked the second and final stage of a process initiated by the Omani government last year to sell a 19% stake in the operator.
In the first phase, which took place in March, shares were sold to local individuals and institutional investors in a private placement. Investors bid between OR1.5 (US$3.90) and OR1.9 (US$4.93) per share, with the placement being 1.99 times oversubscribed.
In the second phase, the government offered shares at OR1.35 (US$3.5) each.
Overall, 142.5 million shares were expected to be sold. Omantel stock was trading at OR1.5 per share at the time of going to press, valuing the 19% stake at US$556.7m.
The government first disclosed plans to offload a stake in September which will see its interest in the incumbent reduced from 70% to 51%. A few weeks later, it mandated Bank Muscat as financial adviser on the process.
