(MENAFN- Muscat Daily) The Ministry of Finance has appointed bank muscat as financial advisor for the sale of its 27 per cent share in Omantel, equivalent to 19 per cent of the company's share capital, according to a disclosure by Omantel to the MSM on Tuesday.
The government plans to sell its stake in Omantel through a public subscription to Omani individuals and institutions, the telecom services provider had disclosed in September.
According to the disclosure, the government will be completing the necessary procedures to float the intended shares and appoint a consultant to prepare necessary documentation in coordination with the company and the Capital Market Authority (CMA), which will determine the terms and conditions of the subscription.
The government currently holds a 70 per cent stake in Omantel and with the planned sale its stake will effectively go down to 51 per cent.
Omantel's mobile network market share (including mobile resellers) stood at 58.6 per cent as of June, while its fixed telephone (post and prepaid) market share was 87.7 per cent.
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