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.

Oman Observer

To get free breaking news and updates from Oman Observer, WhatsApp your name and email to 96473232.

observer has 4265 posts and counting.See all posts by observer