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


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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