Omantel acquires minority stake in Kuwait's Zain

Omantel has signed a Share Purchase Agreement (SPA) to purchase 425.7 million treasury shares in the Kuwaiti Mobile Telecommunications Company Zain Group, which form 9.84% of the outstanding common shares – subject to Kuwaiti regulatory bodies approval. The purchase price of the treasury shares is KWD 0.6 per share, valuing the transaction at RO325.6 million or $846.1 million. The transaction is in line with Omantel’s Corporate Strategy Omantel 3.0 launched in 2015 to diversify investment and position the business as a leading digital service provider in the region 2020.