Omantel public offering oversubscribed
Omanis rush to acquire shares in national telco
The Oman government’s sale of shares in Oman Telecommunications Company (Omantel) to Omani citizens was oversubscribed by 5%, with 75m shares requested but only 71.25m available.
The sale to citizens is the second in a two-phase sell-off by the sultanate, which will reduce the state’s holding in Omantel from 70% to 51%. The initial phase was a private placement of 71.25m shares and was open to wealthy Omanis and institutional investors.
According to a statement published on the Muscat Securities Market, the current public offering accrued OMR101.4m ($262.6m) against the issue size of OMR96.2m for offered shares. Between the two phases, the Ministry of Finance received requests for 216.7m shares against 142.5m shares offered, raising a total of OMR204m.