Saudi Telecom seeks 25 percent stake in Omantel (Oman)
In order to strengthen its market position both in the Sultanate and abroad, Omani Government announced to sell off a part its stake. Following to this Saudi Telecom Co., the Arab world”’s largest phone company is set to bid for 25 percent stake in Oman Telecommunications Company (Omantel).
The stake in the state-controlled telco is valued at $1.15 billion at current market prices. The government, which currently owns 70 percent of the company’s shares, would give an investor economic and voting rights in the firm, according to Ministry of Finance.
The Omani government will present a short list of buyers for the stake by the end of July as per recent updates.
