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Strong Demand for Omantel Shares

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The first phase of a sale of shares in Omantel was nearly twice over subscribed as the government seeks to reduce its stake to just over half of the company.

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 being sold were offered to institutional investors as were 1.99 times oversubscribed.

The remaining half of the shares will go on sale shortly, and will be open to private investors as well, with a much lower threshold for buying shares.

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