The privatisation of a 19% stake in state controlled telco Omantel has resulted in overall proceeds of OR204m (US$529m), Oman’s government said in a note to the stock exchange.
The second phase of the process was again oversubscribed and proceeds for…
The privatisation of a 19% stake in state controlled telco Omantel has resulted in overall proceeds of OR204m (US$529m), Oman’s government said in a note to the stock exchange.
The second phase of the process was again oversubscribed and proceeds for this part added OR101.4m (US$263.4m), nearly doubling the overall amount raised by the state. The 71.5 million shares on offer sold for OR1.35 (US$3.51) each, and subscribers will receive 95.02% of shares applied for.
The first leg of the privatisation, a private placement of another 71.5 million shares in mid-March, had also been oversubscribed and shares sold at OR1.511 (US$3.92) per share.
Shares will be available for trading by early next week.
Following the privatisation the state will continue to hold a 51% stake in Omantel.
Plans to offload a 19% stake in Omantel were first disclosed in September last year. A few weeks later, the government mandated Bank Muscat as financial adviser and issue manager on the process.
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 and Sri Lanka.
