The Omani government has transferred its 51% stake in Oman Telecommunications Company (Omantel), the country’s incumbent telecoms operator, from the Ministry of Finance to the Oman Investment Fund (OIF). The announcement was made in a disclosure to the Muscat Securities Market. Established under Royal Decree No. 14/2006 of 6 March 2006, the OIF is a wholly owned investment arm of the government and is fully funded by the Ministry of Finance. Its objective is to build a diversified portfolio in the production and services sectors, projects and other related fields.
TeleGeography’s GlobalComms Database notes that the government reduced its stake in Omantel from 70% to the current 51% in the first half of 2014, following a private placement open to Omani individual and institutional investors in March that year, and an initial public offering (IPO) for local citizens in April.