Omantel bids $204m for 65% stake in Pakistan firm

Muscat: Oman Telecommunications Company (Omantel) has offered $204 million to acquire a 65 per cent stake in Pakistani firm World Call Telecom.

"We have decided to invest in World Call Telecom as we are keen to increase our annual profits as well as share earnings," said a statement issued by Omantel on Saturday.

Omantel plans to purchase 60 per cent of the stake from the major owners of the Pakistani company and five per cent from other shareholders through the securities market.

Omantel said this investment - the first of its kind outside Oman - is expected to boost the company's revenues in the medium-term by 19-25 per cent and increase its net profits by 3-14 per cent.

Omantel told the Capital Market Authority it would provide more details on the deal after completing legal formalities.