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Omani telecommunications company, Omantel, has completed the IPO of its subsidiary Pearl Real Estate Investment Fund (REIF), where it sold 136.8 million shares at an offer price of 0.112 riyals ($0.29) per share, raising OMR23.3 million ($60.6 million).
Following the transaction, Omantel retains a stake of 33.51% in Pearl REIF, the company said in a regulatory filing on the Muscat Stock Exchange on Monday.
Oman Investment Authority (OIA) and its subsidiary, Omantel, were the promoters of the Pearl REIF. Sohar International was manager for the IPO, which was open for subscription between October 16 and 30, 2022.
(Writing by Brinda Darasha; editing by Seban Scaria)
