Omantel to Sell Shares in Pakistan’s WorldCall

Omantel to Sell Shares in Pakistan’s WorldCall. The Omani operator’s Chief Executive Talal al-Mamari while talking to Reuters said that Omantel is planning to sell its regulatory stake in Pakistan’s WorldCall Telecom.

Oman Telecommunications Co (Omantel) purchased a 56.8 percent stake in the expanded operator in 2008. The $193 million contract was its major foreign investment at the time.

Omantel to Sell Shares in Pakistan’s WorldCall

Also Read: Omantel Receives Non-binding Tender for WorldCall Telecom

“The Omani firm has accepted the offer we received to sell our shares in WorldCall. But the deal is still in the process of fulfilling different requirements.”

Mamari revealed without explaining.

While in September, WorldCall told the Pakistan Stock Exchange that it aims to purchase its shares back from Omantel. It did not reveal a price; its share price last barred at Rs.2.81 in the Pakistani market, down from around Rs.17 in February 2008, when Omantel’s acquisition announcement was made.

Lately the telecom services provider had introduced a new subsidiary to support the roll-out of a nationwide IoT network.

Internet of Things is a collaboration between Omantel (55 per cent) and SIGFOX (45 per cent), a provider of communications services for IoT.

Also Read: Allied Supplies & Services and Dunya Technologies Withdraw Bid to Acquire WorldCall Telecom Limited

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