From today, Omani individuals can buy shares in incumbent Omantel via a public offering.
The offer, which is open for two weeks until 13 April, marks the second and final stage of a process initiated by the Omani government last year to sell a 19% stake…
From today, Omani individuals can buy shares in incumbent Omantel via a public offering.
The offer, which is open for two weeks until 13 April, marks 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 earlier this month, 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 will offer shares at OR1.35 each, according to local reports.
Overall, 142.5 million shares will be sold. Omantel stock is currently trading at OR1.5 per share, 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.