Omantel set for June IPO

Around a third Oman Telecommunications Company (Omantel) shares are due to be put into public subscription by the first week of June.

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By  Richard Agnew Published  May 22, 2005

Around a third Oman Telecommunications Company (Omantel) shares are due to be put into public subscription by the first week of June. Darwish bin Ismaiel Al Balushi, undersecretary of financial affairs at the Ministry of Finance said that privatisation procedures had reached the final stages and a prospectus would be submitted to the Capital Market Authority (CMA) this week for approval before opening the subscription process. The subscription is confined to Omani citizens for whom 21% of the shares will be allotted, with 9% put aside for pensions funds. Al Balushi said coordination was underway with CMA to set the minimum and maximum shares each investor could subscribe. Omantel registered a profit of US$260 million last year.

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