Dubai: Oman Telecommunications Co. on Tuesday said the Omani government, which is its majority owner, plans to sell a 19 per cent stake in the telco through public subscription.
It received a letter from the finance ministry stating that the government decided to sell 27 per cent of its shares in the company, equivalent to 19 per cent of the company’s share capital, to Omani nationals — individuals and institutions, Omantel said in a brief statement posted on the Muscat bourse website.
The government currently owns a 70 per cent stake in the Gulf state’s biggest telco, while the balance is publicly held, according to Zawya.com data.
Oman, as well some other Gulf countries, have made a push in recent times to give greater ownership of some their state-owned companies to its citizens in a bid to pass on the some of the economic benefits accrued from oil and gas sales.
The government will be appointing a consultant to prepare necessary documentations in coordination with Omantel and the market regulator, which will determine the terms and conditions for the subscription and the share price, the statement said.
Omantel shares last traded 3.3 per cent lower at OMR 1.533 on Tuesday.
