Oman Government to Start Sale of Omantel Shares Next Week
Published on: 20th Feb 2014
Note -- this news article is more than a year old.
By: Ian Mansfield
The Oman government will start the sale of a 19% stake in the state controlled telecoms network Omantel next week.
As previously announced, the government aims to reduce its stake from 70% to 51% as part of a wider programme of selling state assets.
Half of the shares will be offered next week, and although open to private investors, there is a minimum purchase of 2 million shares, which realistically limits it to commercial investors.
The government is looking to raise around $570 million from the sale.
The government previously attempted to sell 25% of the company back in 2008. That sale was cancelled following the global banking crisis.