Oman’s finance ministry has mandated Bank Muscat as financial adviser for the sale of a 19% stake in incumbent Omantel.
The government, which currently owns 70% of the operator, did not provide further details in the stock exchange notice announcing…
Oman’s finance ministry has mandated Bank Muscat as financial adviser for the sale of a 19% stake in incumbent Omantel.
The government, which currently owns 70% of the operator, did not provide further details in the stock exchange notice announcing the stake sale.
But in a filing in September, Omantel said that the country’s Capital Market Authority will determine the terms and conditions for the subscription and the share price. The shares are expected to be sold to Omani individuals and institutions.
At the time of going to press (29 October), the telco had a market cap of OR1.16bn (US$3bn), valuing the 19% stake at OR220.4m (US$570m).
Omantel operates fixed and mobile services in Oman. It also owns Worldcall Telecom, which provides wireless local loop, long distance international, payphones and cable television services in Pakistan.
The Omani operator could not be reached for comment.