Dubai: The first part of Oman’s sale of a 19 per cent stake in telecommunications operator Omantel has finished and the private placement was 1.99 times subscribed, the company said in a statement to the Muscat bourse on Sunday.
In February, state news agency ONA reported that the government would sell 142.5 million Omantel shares, reducing its holding to 51 per cent from 70 per cent.
The sale was divided into two, equal-sized parts, with the first — a private placement — aimed at wealthy individual inevstors and institutions; it required investors to place minimum orders of 2 million shares each.
That phase was completed on March 12, the statement said. The cut-off price at which the private placement was fully subscribed was 1.511 riyals (Dh14.422) per share, while bids ranged between 1.500 and 1.900 riyals per share.
Subscribers are expected to receive their shares by the end of Monday, the statement added.
The second part of the sale, which will be open to Omani retail investors, is due to begin by the end of March.
