Oman Telecommunications (Omantel) has announced that it will purchase 425.7 million of Zain's treasury shares in a cash transaction at an offer price of KWD 0.60 per share – subject to regulatory approval.
Once complete, Omantel will own a minority stake in Zain Group of approximately 9.84% in outstanding common shares.
The total consideration of the transaction is valued at USD 846.1 million (OMR 325.6 million).
Martial Caratti (pictured), Chief Financial Officer, Omantel, said:
“Acquiring a minority stake in Zain is a deliberate investment for Omantel as we position ourselves as a leading digital service provider.
"This is in line with our Corporate Strategy 3.0, launched in 2015. We have always emphasised that growth will come from continued diversification, and this acquisition positions Omantel for the future.”