The Omani-Qatari Telecommunications Company (Nawras), Oman’s second largest telecoms company is planning to float 40% of its equity on the Muscat Securities Market in August.
The IPO, which will close on September 1, will be a general float available to…
The Omani-Qatari Telecommunications Company (Nawras), Oman’s second largest telecoms company is planning to float 40% of its equity on the Muscat Securities Market in August.
The IPO, which will close on September 1, will be a general float available to any investors, foreign or local, although the preference is to attract local Qatari and Omani money.
Nawras was founded in 2004 by a consortium comprising Qatar’s leading telco, Qtel, which owns a 55% stake in the company, Danish telecom company, Tele-Denmark Communications, which owns 15% and a number of private Omani investors. The newly established firm beat off five other shortlisted bidders in June 2004 to win the second mobile licence in the Sultanate, and launched cellular services in March 2005. Nawras subsequently received a licence to provide fixed, data and international telecoms services in June 2009 and a year on launched commercial fixed line services. Representatives of the company were unavailable for comment at the time of going to press.
