Omantel signs letter of intent to buy 12% stake in Zain

09/10/2017 Argaam

 

Oman Telecommunication Co. (Omantel) on Monday said it has signed a non-binding letter of intent with Kuwait-based Al Khair to buy its 12 percent stake in Mobile Telecommunication Co. (Zain Group).

 

Al Khair is currently evaluating the offer from Omantel, the Muscat-listed telco said in a bourse statement.

 

The price for the stake sale was not specified.

 

In August, Omantel had acquired 9.84 percent stake in Zain for $846.1 million (OMR 325.6 million). Following this, Omantel chief executive, Talal Said Marhoon Al Mamari, was appointed to Zain’s board of directors.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.