Omantel public offer to open on 31 March
Second phase of share sale open to all
The Omani government is to start the second phase of its sale of shares in Oman Telecommunications Company (Omantel) on 31 March.
The first phase of the sale was open to wealthy Omanis and institutional investors in a private placement of 71.25m shares and closed earlier this month.
The second phase will take the form of an initial public offering (IPO) for Omani citizens at a fixed price of OMR1.350 per share. The offer will close on 13 April 2014. After both phases are complete, the sultanate's ownership in Omantel will drop from 70% to 51%; 30% of the telco is already publicly owned.
Omantel also announced a speed upgrade of its Home Broadband plans. Customers with a 2Mbps connection will now see speeds reaching 4Mbps, while 3Mbps to 5Mbps plans have been upgraded to 6Mbps and 40Mbps to 60Mbps at no additional cost. Additionally, the operator introduced a 35Mbps tariff for OMR55 ($142) per month.
"Our strategy at Omantel has always been focused on providing our customers with the best overall broadband experience," said Haitham Abdullah Al Kharousi, vice president of Omantel's Consumer Business Unit
"As we have invested massively in expanding our fixed network and bringing its reach closer to more customers throughout the sultanate, we are now able to pass the benefits to our customers by enhancing speeds. With this change, more than 90% of our customers have benefitted from doubling download speeds. In addition, upload speeds have been upgraded to 1Mbps."