Oman government to offload stake in Omantel
Government plans to sell share to Omani nationals individual and institutions
The government of Oman plans to offload its 19% stake in Omantel, the country's incumbent telecom operator. The government intends to sell the shares via a public subscription to Omani nationals and institutions.
"The government will be completing the necessary procedures to float the intended shares and appoint a consultant to prepare necessary documentations in co-ordination with the Company and the Capital Market Authority which will determine the terms and conditions for the subscription and the share price," the telco said in a statement posted on the Omani stock exchange website.
The news caused a 5.6% drop in Omatel's share price on Tuesday to OR1.51 ($3.92), although the stock recovered some ground to OR1.54 later in the day.
Omantel competes with Nawras, a unit of Qtel's Ooredoo.