Omantel public offering oversubscribed

Omanis rush to acquire shares in national telco

Tags: OmanOman Telecommunications Company
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Omantel public offering oversubscribed
By  Stephen McBride Published  April 23, 2014

The Oman government’s sale of shares in Oman Telecommunications Company (Omantel) to Omani citizens was oversubscribed by 5%, with 75m shares requested but only 71.25m available.

The sale to citizens is the second in a two-phase sell-off by the sultanate, which will reduce the state’s holding in Omantel from 70% to 51%. The initial phase was a private placement of 71.25m shares and was open to wealthy Omanis and institutional investors.

According to a statement published on the Muscat Securities Market, the current public offering accrued OMR101.4m ($262.6m) against the issue size of OMR96.2m for offered shares. Between the two phases, the Ministry of Finance received requests for 216.7m shares against 142.5m shares offered, raising a total of OMR204m.

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