Oman picks eight firms for telecom stake

Dubai: Oman said on Monday it would ask eight telecom operators from Europe, Asia and the region to submit initial proposals for a 25-per cent stake in Oman Telecommunications (Omantel).

The firms "will be invited to submit first-round technical and financial proposals" for the stake, the Oman Ministry of Finance said in a statement, without naming the operators.

Oman, which owns 70 per cent of Omantel, is selling the stake to help strengthen the telecom firm's market position as competition heightens in the region and telecom companies expand abroad to diversify their revenue streams.

The ministry expects to receive proposals by the second half of September, said Darwish Al Bulushi, secretary-general of the finance ministry and chairman of the steering committee overseeing the sale.