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Omantel public offering oversubscribed

Omanis rush to acquire shares in national telco

IT Business, Operators, Telecoms, Financial news, Oman Telecommunications Company

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.