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Oman Government to Start Sale of Omantel Shares Next Week

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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.

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Tags: omantel  Oman