MUSCAT: Omantel in collaboration with Oman Investment Authority (OIA) has established a Real Estate Investment Fund called Pearl REIF Fund, a special purpose REIF company approved by the Capital Market Authority.
The share capital of Pearl REIF is RO 42.477 million. Omantel's contribution to the Pearl REIF is in-kind and to this effect it has entered into a definitive agreement with Pearl REIF for a sale and lease back of its headquarters building located in Madinat Al Irfan.
In consideration of its in-kind contribution, Omantel will receive 279.086 million units of RO 0.100 each in the Pearl REIF and cash in the amount of RO 27.091 million for the total value of its in-kind contribution.
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