MUSCAT, JUNE 25 - Omantel has acquired a 40 per cent stake in Majan Telecommunication LLC (Renna Mobile) for a consideration of RO 5 million. It follows the signing of a definitive share purchase agreement with Integrated Telecommunications Oman SAOC (TeO), which owns 100 per cent of Renna Mobile. Established in 2007, Renna was the first mobile reseller to launch services in the Sultanate. It currently holds the highest market share among mobile resellers in Oman.
In a statement, Omantel said: “The transaction is underpinned by a vision of both the Parties to chart a course of robust growth for both entities who have a long history of mutually beneficial growth and collaboration which have fruited in introducing innovative and appealing products and services to all segments of the Omani society. This transaction is expected to take this collaboration to newer heights and long term value creation to their shareholders and subscribers.”
The move comes barely two months after rival operator Ooredoo announced that it had inked a deal with mobile reseller FRiENDi Mobile to provide mobile services to FRiENDi customers. That agreement was signed with FRiENDi Mobile (Connect Arabia LLC), part of the Virgin Mobile Middle East & Africa group.
“The Agreement enables the migration of FRiENDi Mobile customers to Ooredoo’s mobile network to benefit from Ooredoo’s leading 4G Supernet network, speed, high quality and coverage. The Agreement makes FRiENDi Ooredoo’s largest wholesale business customer in the Sultanate and increases Ooredoo’s customer base by 21 per cent which in turn will increase the revenue,” the operator said in a filing to the Muscat Securities Market in April.
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