Oman Telecommunications Company to be privatized
Darwish bin Ismaiel Al Balushi, Undersecretary of Financial Affairs at the Omani Ministry of Finance, on Sunday declared that 30% of Oman Telecommunications Company (Omantel) shares will be put into public subscription by the first week of June. He told Oman News Agency (ONA), Omantel privatisation procedures reached final stages and the documents will be forwarded to the Capital Market Authority (CMA) within the coming few days for approval before opening the subscription process.
He added that investors would be able to look into data on the company to decide whether to invest therein within the period of one month prescribed by CMA.
Al Balushi conveyed the subscription would only be confined to Omani citizens for whom 21% of the shares shall be allotted, with 9% for pensions funds. Omantel has registered a profit of RO. 100 million last year.