Oman aims to raise 288 million rials ($748.2 million) by selling 30 percent of the state telecoms company in the biggest ever flotation in the Arab state, a source familiar with the transaction said on Wednesday. The initial public offering (IPO) of 225 million shares, or 30 percent, of Oman Telecommunications Co (Omantel) is likely to open on June 11 and close on July 10 and will be open to pension funds, charitable organisations and private individuals, the source told Reuters.
"This will be Oman's biggest IPO and, on listing, it will be the highest capitalised stock in the local market," the source said.
The offer price will be fixed in advanced at 1.280 rials per share, with a par value per share of 0.100 rials. Twenty-one percent of the stock will be allocated to Omani individuals.
Only Omanis will be able to buy the stock for the first three months of trading, after which investors from outside the pro-Western, oil-producing country will be allowed to acquire shares, the source added. The key Oman stock market index has risen about 50 percent this year.
Comments
Comments are closed.