Omantel sell-off imminent

16 May 2005

Oman’s Ministry of Finance reported yesterday that the procedure to privatise the Oman Telecommunications Company (Omantel) has reached its final stages, clearing the way for 30% of state-held shares in the telco to be sold off in the first week of next month. Final approval is expected from the Capital Market Authority (CMA) within the next few days before the public investment process is opened. 21% of shares will be allotted to Omani citizens, with the remaining 9% earmarked for pension funds.

Oman, Oman Telecommunications Company (Omantel),

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