Samatel welcomes aboard new investors

The shareholders of Omani telecoms operator Samatel last month agreed to increase the company’s share capital by offering additional shares to strategic investors through a private placement, writes the Oman Daily Observer. Al Zaman Investments and Communication World have jointly acquired a majority stake in Samatel, in a deal involving ‘several million rials’, according to the report. The move is designed to strengthen the company’s financial position, as well as fund an upcoming major capital expenditure, expansion of services and launch of new products and technology. ‘We are delighted to have Al Zaman Investments and Communication World on board,’ said Khalid al Matani, chairman of Samatel, adding: ‘Their participation and their expertise in managing successful diversified businesses adds significant value to Samatel and its planned roll out in the coming months.’ Al Maha Financial Services acted as issue managers and brokers for the transaction. As well as operating a mobile virtual network operator (MVNO) in the Omani wireless market, TeleGeography’s GlobalComms Database notes that Samatel secured the Sultanate’s third national Class I telecoms licence in February 2011, enabling it to provide general international telecoms services for 15 years.