25% of Omantel to be sold this year, says CEO

22 May 2008

Incumbent operator Oman Telecoms (Omantel) expects to sell a 25% stake to a long-term investor by the end of year, the company’s chief executive said. ‘We’ve appointed Citigroup as financial adviser for the sale of a 25% stake in Omantel,’ Mohammed Al-Wohaibi told Reuters at a conference in Dubai. The company has already started the process and expects to complete the sale by the year-end, said Al-Wohaibi. UAE incumbent Etisalat has previously said it would be interested. The telco, which is 70%-state owned with the rest traded on the Muscat bourse, said earlier this year that up to 30% could be sold, although not to the public. Last month, Omantel posted its largest-ever quarterly profit as a result of paying lower royalties to the government, and extra revenues from a growing subscriber base.

Subscribe

Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.

Subscribe to CommsUpdate

Browse

Filter

Filter CommsUpdate by the following categories or use the search.

Search

Visit our help page information on performing advanced searches, including how to restrict the results by country or company.

Advertise

CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.

Share