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Omantel: Pakistan to drive profits from 2009

Omani telco says $204 million stake in Pakistan's Worldcall to boost net profit by 14%

Omantel, Oman's second-largest firm by market value, agreed in August to buy 65 percent of the Pakistani wireless local loop operator, giving it a foothold in the world's third-fastest growing telecom market.

Worldcall approved the takeover last week.

The unit would help increase Omantel's revenues by 19-25 percent and net profit by between 3-14 percent in three to five years from 2009, Omantel said in a statement on the Oman bourse Web site.

Worldall said last week it would sell a 60 percent stake to Omantel at 25 rupees per share, or 11.3 billion Pakistan rupees ($185.2 million).

Worldcall is Omantel's first overseas acquisition as it braces for the end of its fixed-line monopoly. (Reuters)