Singaporean telecom operator M1 has agreed to acquire a 15% stake in the privately-held Integrated Telecommunications Oman (TeO) for an undisclosed sum.Formerly known as Samatel, Oman’s private international gateway operator TeO, aims to launch MVNO…
Singaporean telecom operator M1 has agreed to acquire a 15% stake in the privately-held Integrated Telecommunications Oman (TeO) for an undisclosed sum.
Formerly known as Samatel, Oman’s private international gateway operator TeO, aims to launch MVNO services later in the year to compete with rival wireless carriers Omantel and Ooredoo.
As a strategic investor, M1 will provide the company with the know-how and funding required to become a fully-integrated telecom operator, with a view to float the business on Oman’s stock exchange, it said.
“TeO intends to capitalise on M1’s strengths and aspires to become a full service telecommunication provider in the sultanate,” TeO chairman Suleiman Mohammed Al Yahya’ae said.
“Having M1 as a strategic shareholder reflects our ambition to build TeO into a leading full service telecommunication provider in the Sultanate. We are delighted to have M1 on board as we move to the next phase in our journey to evolve from a private telecommunications company to a successful listed company on Oman’s capital market,” he added.
Founded in 1997, M1, which is listed on Singapore stock exchange, claims to have nearly 2 million subscribers. Â Its major shareholders are the Axiata Group, Keppel Telecoms and Singapore Press Holdings (SPH) Multimedia.
