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Ministry of Finance launches Omantel partial sale process

The Government of the Sultanate of Oman, acting through the Ministry of Finance, announces today its intention to explore the partial sale of its shareholding in Oman Telecommunications Co.

  • Staff Report
  • Published: 14:39 July 7, 2008
  • Gulf News

Oman: The Government of the Sultanate of Oman, acting through the Ministry of Finance, announces today its intention to explore the partial sale of its shareholding in Oman Telecommunications Co.

The Government invites the submission of expressions of interest from suitably qualified strategic partners with respect to participating in a process leading to the sale of an interest representing 25 per cent of Omantel's issued shared capital.

In conjunction with such a sale, the Government may also consider providing the selected strategic partner with certain rights enabling it to increase its economic and voting exposure to Omantel in the future.

Whilst Omantel has maintained leadership across all telecom segments, the Government is seeking a strategic partner to further strengthen Omantel's market position and establish Omantel as a world-class provider of telecommunications services both in the Sultanate and internationally.

HE Darwish Ismail Al Bulushi, Secretary General of the Ministry of Finance said, “The further privatisation of Omantel is another example of the Government's commitment to liberalising the economy and seeking to support the creation of world class Omani companies.

The Omani telecom market still has excellent growth potential and Oman offers an attractive economic environment which we are certain will appeal to bidders.''

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