Omantel subsidiary to finance acquisition of Zain stake

Staff Reporter –
Muscat, March 24 –
The Extraordinary General Meeting of Oman Telecommunications Company (Omantel), held at Omantel’s headquarters on March 22, and presided over by the Vice Chairman of Omantel, Saud bin Ahmed al Nahari, has approved the granting of guarantees and transactions related to the Oztel Holdings SPC Limited’s financing of the acquisition of the 21.9 per cent strategic share in Zain. Oztel Holdings is a wholly owned subsidiary of Omantel.
The EGM was followed by the Annual General Meeting of Omantel, where the proposal to distribute a total cash dividend of 70 per cent of the paid up capital (i.e. 70Bzs per share) was approved.
Omantel AGM also approved the report of the Board of Directors for the fiscal year ended December 31, 2017, the Board of Director’s evaluation report for the year, the corporate governance report for the year, and the profit and loss account and balance sheet for the fiscal year ended December 31, 2017.
The AGM also approved the proposed donations towards community support amounting to RO 500,000 for the fiscal year ending on December 31, 2018, and the appointment of independent auditors for the next fiscal year ending on December 31, 2018 and determined their fees. It has also approved the appointment of an independent office to assess the Board of Director’s performance for the financial year ending on December 31, 2018.
In February, Omantel’s Board of Directors approved the audited results of the company for 2017. Omantel recorded an increase of 44.7 per cent in revenue reaching RO 751.7 million compared to RO 519.4 million in 2016. The Company’s net profit reached RO 106.8 million (RO 79.7 million after adjusting non-controlling interests) compared to RO 115.8 million in 2016.
These results include Zain Group’s results for the period from November 15 to December 31, 2017 following the acquisition of a strategic share of 21.9 per cent in Zain Group.