18 December 2016
The Omani government’s 51-per cent stake in Oman Telecommunications Company (Omantel), the nation’s largest integrated telecom services provided, has been transferred from the Ministry of Finance to Oman Investment (Fund), a sovereign wealth fund of the Sultanate of Oman. The transfer was announced in a filing to the Capital Market Authority (CMA) on Thursday. It’s the latest in a series of decisions by the government to transfer its equity in a number of state-linked listed firms to OIF.
Such transfers have also involved the Port Services Corporation (PSC), which recently took a decision to liquidate the corporation at the end of this year, and Oman Cement. Other listed companies with government equity capital are expected to follow suit — part of an effort by the Finance Ministry to tap the capabilities and resources of OIF in the better management of its funds.
Omantel is the biggest operator in the mobile market with a share (including mobile resellers) estimated at 58.2 per cent with a revenue share of 59.3 per cent. The Fixed Telephone (post & pre-paid) market share is estimated at 73.5 per cent with a revenue market share of 82.8 per cent.
As of end-September 2016, the company’s total domestic subscriber base (including mobile and fixed businesses) stood at 3.326 million (excluding mobile resellers), ballooning to 4.453 million with mobile resellers.
Net profits climbed to RO 95.1 million for the three months ended on September 30, 2016, versus RO 90.7 million for the corresponding period of last year. Total revenue was also higher at RO 399.8 million this year, against gross earnings of RO 383.3 million for the corresponding period of 2015.
© Oman Daily Observer 2016