Omantel offers to acquire further 12% of Zain in $960M deal

The Muscat based company bought a 9.84 per cent stake in the operator in August

09/10/2017 11:48 AST

Omantel, the largest mobile operator in the sultanate, seeks to increase its stake in regional telco Zain, worth around $960 million, two months after purchasing a minority share in the Kuwait-based operator.

The Muscat-based telco signed a non-binding letter of intent on Sunday with Kuwait-based Al Khair National, a Kharafi Group company to acquire the latter's 12.17 per cent shareholding in Zain, it said in a statement on the Muscat Securities Market on Monday.

The stake is valued at 290m Kuwaiti dinar ($957m) according to Zain's closing share price on Thursday.

Al Khair, an investment company, said on Sunday that it was changing the purpose of its stake in Zain from a "long-term investment" to "exiting investment," according to a statement to the Kuwait stock exchange. The investment company is currently studying the offer.

Zain shares, which were suspended from trading on Sunday ahead of Al Khair's announcement, rose 3.6 per cent in early trading on Monday morning.

If completed, the deal would take Omantel's shareholding in Zain to 22 per cent, following the acquisition of its initial 9.84 per cent stake in August.

Omantel's acquisition of Zain is its first major foray beyond its home market; the Omani operator 10 years ago acquired Pakistani ISP Worldcall, but offloaded the investment this year.


The National

News

Omantel board approves 70% cash dividend

25/03/2018

The Extraordinary General Meeting of Oman Telecommunications Company (Omantel), was held at the company's headquarters on Thursday.

It was presided by the vice-chairman of Omantel Saud bin

Times of Oman

Omantel Wal Awael' strengthens intergenerational communication

21/03/2018

Omantel has successfully completed its fourth edition of the "Omantel Wal Awael" programme by training 30 elderly people on the use of modern technology. The initiative, which has been found as a res

Oman Daily Observer

Omantel collaborates with EY to provide cybersecurity services

13/03/2018

Omantel has teamed up with EY, a leading global professional services organisation, to provide advanced Cybersecurity as a Service (CaaS) originating from Oman to the region. The agreement was signed

Oman Daily Observer

Most Viewed Companies

Ticker Price Volume
NADEC 27.30 1,369,614
DU 6.55 441,215
ARDCO 29.25 233,374
A.OTHAIMMARKET 11.90 545,416
ZAINKSA 10.82 1,868,409
LUMI 77.50 102,302
ALRAZI 43.00 800

Valuation

OTEL Sector Market
Price/BookValue
Dividend Yield (%)

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
OQGN 0.14 0.00 (-2.74%)
ABRJ 0.30 0.00 (1.02%)
ORDS.MSM 0.28 0.00 (0.00%)
SSPW 0.11 0.00 (0.91%)
RNSS 0.39 0.00 (-0.77%)

Recent News

EEC's capital optimization plan to shore up financial position and sustain growth: CEO

14/09/2024

RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <

Saudi Gazette

Arabian Mills set final IPO price at $17.59 per share as CEO details growth vision

12/09/2024

Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces

Arab News

SABIC-MCC joint venture starts output

04/05/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula

logo

Financial Information Co.

(MITCO), P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap