Omantel Partial Divestment to Fill SGRF’s Coffers
State-owned Oman Telecommunications (Omantel) is being partially sold off by the government of Oman. The proceeds of the sale will go to the Oman State General Reserve Fund, one of Oman’s sovereign wealth funds. The government hopes to raise 203.85 million OMR (US$ 528 million) for the 19% stake up for sale. The Omantel deal is being drawn up in two phases. The first phase is a private placement of 71.25 million shares. The second phase is a public offer.
The partial privatization would bring government ownership down to 51% from 70%.
Mobile Revenue Share
- Omantel Mobile – 63.8%
- Nawras – 36.2%
Source: Omantel Presentation – June 2013
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