Omantel Group bolsters portfolio with fresh stake acquisitions

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MUSCAT: As many as four tech businesses have been added to majority state-owned Omantel Group’s ballooning portfolio of subsidiaries and associates so far this year – acquisitions aimed at strengthening its positioning in the regional telecom industry.

The most recent of these acquisitions was reported last month, when Omantel Group acquired 100 per cent equity interest in Specialized Technical Services Company (STS), which provides digital transformation solutions in the Middle East and North Africa. The acquisition was finalized for a purchase consideration of $32 million (RO 12.2 million), Omantel stated in its financial report for the Jan – Sep 2023 period.

Earlier, in the previous quarter, the Group acquired 83.39 per cent equity interest in Xenon Prepaid Electronic Card Payment WLL (Bookeey) for a purchase consideration of RO 3 million. Incorporated in Kuwait, Bookeey is engaged in electronic payment and settlement systems services.

Also in the same quarter, the Group acquired 65 per cent equity interest in Adfolks Software Trading LLC for a purchase consideration of AED 15.823 million (RO 1.633 million). Incorporated in the UAE, Adfolks specializes in cloud and related services.

In January, Omantel Group acquired the entire equity interest of Business Integrated Operating Systems (BIOS) for a purchase consideration of AED 157.57 million (RO 16.225 million). Also incorporated in the UAE, BIOS operates multiple subsidiaries engaged in business of IT related activities and cloud services.

An Omani joint stock company listed on the Muscat Stock Exchange (MSX), Omantel is principally focused on the establishment, operation, maintenance and development of telecommunication services in the Sultanate of Oman. The Company and its subsidiaries (the Group) along with its associates provide telecommunications services in Oman and 8 other countries in the Middle East.

Total revenue posted by the Group for the first nine months of 2023 climbed 10.6 per cent to RO 2.192 billion, up from RO 1.981 billion for the corresponding period of 2022.