Omantel Agrees for Acquisition of Minority Stakes in Zain

Muscat — Oman Telecommunications Company

‘Omantel’, announced a share purchase agreement (‘SPA’) whereby

Omantel will purchase 425.7 million of Mobile Telecommunication

Company’s (Zain) treasury shares in a cash transaction at an offer

price of KWD 0.60 per share � subject to regulatory approval.

Once complete, Omantel will own a minority stake in Zain Group of

approximately 9.84% in outstanding common shares. The total

consideration of the transaction is valued at USD 846.1 million (RO

325.6 million).

Martial Caratti, Chief Financial Officer, Omantel, said: Acquiring a

minority stake in Zain is a deliberate investment for Omantel as we

position ourselves as a leading digital service provider. This is in line

with our Corporate Strategy 3.0, launched in 2015. We have always

emphasized that growth will come from continued diversification, and

this acquisition positions Omantel for the future.

Source: Oman News Agency

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