Qatar Telecom not in race for Omantel stake |
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Doha - Qatar Telecom (Qtel)Qatar Telecom (Qtel)
yesterday issued a clarification on recent reports linking the company with a bid for a 25 percent stake in Oman Telecommunications Company (Omantel)Oman Telecommunications Company (Omantel). QtelQtel said it has not expressed an interest in bidding for this stake. As the majority shareholder in Nawras, the second operator in the Sultanate of Oman, QtelQtel is mindful of the Omani rules and regulations.
Oman, which owns 70 percent of OmantelOmantel, is selling the stake to help strengthen the telecom firm's market position as competition heightens in the region and telecom companies expand abroad to diversify their revenue streams. Rumours that the state could seek three rials ($7.80) a share for the OmantelOmantel stake have driven the telecom stock up more than eight percent since August 11, Reuters said.
© The Peninsula 2008
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