Government transfers Omantel stake

Part of efforts by the Finance Ministry to better manage its funds
Government transfers Omantel stake, Oman, Oman Investment Fund, Oman telecoms, Omantel

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The Omani government’s 51-per cent stake in Oman Telecommunications Company (Omantel) has been transferred from the Ministry of Finance to Oman Investment (Fund), a sovereign wealth fund of the Sultanate of Oman, according to reports by the Oman Observer. It’s the latest in a series of decisions by the government to transfer its equity in a number of state-linked listed firms to OIF.

As of end-September 2016, Omantel’s total domestic subscriber base (including mobile and fixed businesses) stood at 3.326 million (excluding mobile resellers). Net profits climbed to RO 95.1 million ($247 million) for the three months ended on September 30, 2016, versus RO 90.7 million($236 million) for the corresponding period of last year. Total revenue was also higher at RO 399.8 million($1,038 million) this year, against gross earnings of RO 383.3 million($995 million) for the corresponding period of 2015.

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