Investment

Omani government lining up Omantel share sale

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The government of Oman is planning on selling a 19% stake in the market-leading operator Omantel.

The sale could raise as much as $595 million while still allowing the government a majority stake in the former monopoly – it currently holds 70% so would retain a 51% majority.

It is not the first attempt by the country’s government to sell a stake in Omantel. An attempt in 2008 to sell a 25% stake in the operator was derailed by the global financial crisis despite there being eight prequalified bidders.

Reuters has calculated the value of a 19% stake in Omantel to be around $3.13 billion as of September 2013. The operator has 3.2 million connections. Its only rival in the market is Ooredoo-controlled Nawras, which has 2.2 million.

 



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