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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Omantel to buy 9.84 pc stake in Zain

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MUSCAT: Omantel has agreed to acquire 9.84 per cent stake in Kuwait’s Zain group for RO 325.6 million ($846 million), the company said in a statement on MSM on ThursdayMUSCAT: Omantel has agreed to acquire 9.84 per cent stake in Kuwait’s Zain group for RO 325.6 million ($846 million), the company said in a statement on MSM on ThursdayMartial 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.” Omantel will offer 0.60 Kuwaiti dinar per Zain share in cash transaction.It will also allow Omantel to gain exposure to nine growth markets with a total population of 175 million, and provide significant growth drivers across a range of services and applications.Zain is a high performing and innovative telecoms business with a complementary geographical footprint. It is the most advanced digital service provider in the MENA region with strong partnerships with leading technology players across the globe.


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