Oman Government Plans to Sell $574 Million Stake in Omantel - Bloomberg

Oman Government Plans to Sell $574 Million Stake in Omantel - Bloomberg:

"Oman’s government, the largest shareholder in Oman Telecommunications Co., plans to sell a 19 percent stake in the nation’s biggest phone operator.
The government, which holds 70 percent, is seeking to sell the stake through public subscription to Omani individuals and institutions, the company said in a statement to the Muscat stock exchange today. The Capital Market Authority will determine the terms and conditions for the subscription and the share price after the government completes procedures to float shares and appoint a consultant, it said.
The state’s 19 percent stake is valued at 221 million rials ($574 million), according to Bloomberg calculations based on Omantel’s market value. The shares have lagged the benchmark MSM 30 Index (MSM30) this year, climbing 5.4 percent compared with a 14 advance for the measure.
The stock fell 3.1 percent to 1.55 rials at 10:28 am in Muscat."

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