The Omani Government, acting through the Ministry of Finance, announced Monday its intention to explore the partial sale of its shareholding in Oman Telecommunications Co. S.A.O.G (“Omantel”).
The Government invited the submission of expressions of interest from suitably qualified strategic investors in respect of 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.
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.
Darwish Bin Ismaeel Bin Ali Al Balushi, Secretary General of Ministry of Finance, said, “The further privatisation of Omantel is another example of the Government’s commitment to liberalising the economy and seeking to support the creation of world class Omani companies. The Omani telecom market still has excellent growth potential and Oman offers an attractive economic environment which we are certain will appeal to bidders.”
Citigroup Global Markets Limited, as lead advisor, and National Bank of Oman, as local advisor, are acting as financial advisors to the Government in connection with the proposed sale. The Government expects the sale to be concluded by end of 2008.
