Oman Government to Push Ahead with Omantel Shares Sale
Published on: 3rd Feb 2014
By: Ian Mansfield
Oman's government has confirmed that it will be pushing ahead with plans to sell a stake in the state controlled telco Omantel.
In addition to the government's announced intention to sell 19 percent of its shares in Oman Telecommunications Company (Omantel), the privatisation of a group of other government companies is currently being examined, the Minister Responsible for Financial Affairs HE Darwish Bin Ismail Al Balushi told local press.
He said that an announcement about the sale of the 19 percent stake in Omantel will be made shortly, without elaborating.
The government previously attempted to sell 25% of the company back in 2008. That sale was cancelled following the global banking crisis.
When completed, the sale will see the government's holding reduced to 51 percent.
The company is worth around USD3.1 billion, so the government should end up with nearly USD600 million from its share sale.