Oman to begin Omantel stake sale next week
Dubai, February 20, 2014
Oman will begin the sale of a 19 percent stake in its former telecommunications monopoly Omantel next week, according to a report on state news agency ONA, which quoted a government official.
The government will offload 142.5 million Omantel shares, reducing its holding to 51 percent from 70 percent, said Saud bin Nasser al-Shukaily, Secretary-General for Taxation at the Ministry of Finance.
Half of these shares will be sold in a first phase starting next week. The minimum order will be 2 million shares and the phase is open to Omani individuals and institutional investors, the report said.
A second and final phase to sell the remaining shares will be open to Omani retail investors and will start at the end of March, it added.
Omantel's market capitalisation is about $3.05 billion, according to Reuters data, making a 19 percent stake worth about $579 million. – Reuters