First half of Omantel share sale 1.99 times subscribed

The first phase of the Oman government’s sale of a 19% stake in telecom operator Omantel was 1.99 times subscribed, Reuters reported.

The sale will reduce the government’s holding to 51% and raise $570m. The sultanate is currently engaged in a privatisation programme that it hopes will fund a surge in public spending and boost non-oil revenues.

Last month, state news agency ONA announced the sale of 142.5m Omantel shares in two halves. The first phase, which closed last Wednesday, was open to wealthy Omanis and institutional investors and required minimum orders of 2m shares apiece.

The second sale is due to begin by the end of March and will be open to Omani retail investors.