Oman government to sell stake in Omantel

Oman government to sell stake in Omantel

The Omani government is planning to sell a 19% stake in the country’s largest fixed-line operator, Omantel.

The government of Oman – Omantel’s majority shareholder, with a 70% stake – said in a statement to the Muscat stock exchange this week that it wants to sell the stake through public subscriptions to Omani individuals and institutions.

Once the government has completed procedures to float the share, and has appointed a consultant, the Capital Market Authority will determine terms and conditions for the share price, according to local reports.

Bloomberg values the 19% stake at 221 million rials ($574 million).

The news follows a revenue decline posted by Omantel for Q1 2013, and, according to Reuters, shares in the company have now reached a 10-week low of 1.51 rials per share.

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