Oman’s Ministry of Finance has told state-controlled operator Omantel that it plans to offload just over a quarter of its 70% stake in the telco.
The government plans to appoint an adviser to sell the shares, which will reduce its stake by 19% to…
Oman’s Ministry of Finance has told state-controlled operator Omantel that it plans to offload just over a quarter of its 70% stake in the telco.
The government plans to appoint an adviser to sell the shares, which will reduce its stake by 19% to 51%.
Oman’s Capital Market Authority will determine the terms and conditions for the subscription and the share price, Omantel said in a filing with the Muscat Securities Market. It will look to sell to Omani individuals and institutions.
Following the announcement the incumbent’s share price fell 4.3% to OR1.54, giving the company a market capitalisation of OR1.2bn (US$3.1bn), which values the stock on the block at OR228m (US$592m).
Omantel operates fixed and mobile services in Oman. It also owns Worldcall Telecom Limited, which provides wireless local loop, long distance international, payphones and cable television services in Pakistan and Sri Lanka.
