Ministry of FinanceMinistry of Finance

OmantelOmantel

The Ministry's advisors have expressed a high degree of satisfaction with the outcome of the pre-qualification process which has evoked serious and strong interest from highly credible and reputed international and regional, telecom operators.

Following an in-depth evaluation of the submissions of expressions of interest, the Ministry of FinanceMinistry of Finance has confirmed that 8 (eight) telecom operators have been selected to participate in the next phase of the sale process. The Ministry, together with its advisors, is now in contact with the qualifying telecom operators that will be invited to submit first round technical and financial proposals for a 25% stake in OmantelOmantel. This includes prominent European, Asian and regional telecom operators.

H.E. Darwish Ismail Al Bulushi, Secretary General of the Ministry of FinanceMinistry of Finance and Chairman of the Steering Committee overseeing the OmantelOmantel strategic partnership process, said: "The quality and number of expressions of interest received were very strong. The level of interest is testament to the quality of the Omani macro economic scene, the opportunity in the Omani telecoms market and of OmantelOmantel itself. The selected parties are being contacted and we now look forward to receiving the parties' first round proposals in the second half of September."

Further information on the sale process can be found on the Ministry of FinanceMinistry of Finance's dedicated website www.mof-omantel.com.

-Ends-

About Omantel
OmantelOmantel is the incumbent telecommunications operator in the Sultanate of Oman and provides a full spectrum of telecom services, including fixed line, mobile and internet services. OmantelOmantel is the sole fixed line service provider in Oman, with 270,000 subscribers in 2007, and the market leader in mobile communications in the country, with 1.49m subscribers, representing a 60% market share, in 2007. OmantelOmantel has grown strongly between 2005-2007, with subscribers growing by 14% CAGR, revenues by 16% CAGR to US$950m, EBITDA by 21% CAGR to US$502m and Net Income by 29% CAGR to US$293m.

OmantelOmantel underwent partial privatisation in 2005 when it was listed on the Muscat Securities Market. The Government currently retains a 70% stake with the remaining 30% publicly listed.

Further information regarding OmantelOmantel can be found on the company's websites (www.omantel.net.om and www.omanmobile.om).

© Press Release 2008 from Capital MS&L

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