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Oman government to offload stake in Omantel

Government plans to sell share to Omani nationals individual and institutions

Omantel is the incumbent operator in Oman.
Omantel is the incumbent operator in Oman.

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.