Jul 07 2008
|more articles from|
Ministry of Finance launches Omantel partial sale process
Muscat, 7 July 2008 - The Government of the Sultanate of Oman (the "Government"), acting through the Ministry of Finance, announces today its intention to explore the partial sale of its shareholding in Oman Telecommunications Co. (" Omantel ").
The Government invites the submission of expressions of interest from suitably qualified strategic investors with respect to participating in a process leading to the sale of an interest representing 25% of Omantel 's issued shared capital. In conjunction with such a sale, the Government may also consider providing the selected strategic investor with certain rights enabling it to increase its economic and voting exposure to Omantel in the future.
Whilst Omantel has maintained leadership across all telecom segments, the Government is seeking a strategic partner to further strengthen Omantel 's market position and establish Omantel as a world-class provider of telecommunications services both in the Sultanate and internationally.
Further information regarding the sale process, including instructions for parties interested in pursuing the partial sale, can be found on the Ministry of Finance's dedicated website (www.mof-omantel.com). The deadline for the submission of expressions of interest is 18 July 2008.
Omantel 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. Omantel 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. Omantel 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.
Omantel underwent partial privatisation in 2005 when it was listed on the Muscat Securities Market. The Government currently retains a 70% stake with 21% held by private investors and 9% held by charitable organisations and Omani pension funds. Omantel 's market capitalisation is approximately US$4.4 billion (as of 2 July 2008).
Further information regarding Omantel can be found on the company's websites (www.omantel.net.om and www.omanmobile.om).
© Press Release 2008
© Copyright Zawya. All Rights Reserved.
- Ukraine's finance ministry denies "drunk" claims against minister
- UPDATE 1-Boston poised to begin condom giveaway in high schools
- Boston poised to begin condom giveaway in high schools
- Beetles, housefly larvae open new frontier in animal feed sector
- N.Korean leader Kim used luxury yacht to tour coast -website
- There's More