Omantel defers release of initial unaudited results

MUSCAT: Omantel has announced that, pending the consolidation of its financial results with that of new subsidiary Mobile Telecommunications Company (Zain) of Kuwait, it is not currently in a position to disclose the initial unaudited results of the Group.

“Omantel will disclose the Audited results of the Group within the statutory time period specified under the Commercial Companies Law,” the telecom operator said in a filing to the Capital Market Authority.

Late last year, Omantel completed the acquisition of a 21.9 per cent shareholding in Zain. “As per IFRS 10: Consolidated financial statements, Zain group is treated as a subsidiary of Omantel and its results need to be consolidated with Omantel,” the operator said.

“Zain group is currently completing their consolidated results which involve the consolidation of their results across 9 countries. These results then needs to be consolidated with the results of Omantel which is significant and material to the Group results,” it added.