Omani sovereign wealth fund Oman Investment Fund is about to complete syndication of a $600 million loan needed for the acquisition of the ministry of finance's shares in Oman Telecommunications Co (Omantel), according to Reuters reports.

The sovereign fund would use the money to back the acquisition of a 51 % stake in Omantel. A transfer of shares from the ministry of finance to the fund was announced in December last year.

The acquisition aims to improve efficiency and generate higher profitability for the company, said a source. Omantel posted profits of 116.7 million rials ($303 million) in 2016.