Omantel signs letter of intent to buy 12% stake in Zain

09/10/2017 Argaam

 

Oman Telecommunication Co. (Omantel) on Monday said it has signed a non-binding letter of intent with Kuwait-based Al Khair to buy its 12 percent stake in Mobile Telecommunication Co. (Zain Group).

 

Al Khair is currently evaluating the offer from Omantel, the Muscat-listed telco said in a bourse statement.

 

The price for the stake sale was not specified.

 

In August, Omantel had acquired 9.84 percent stake in Zain for $846.1 million (OMR 325.6 million). Following this, Omantel chief executive, Talal Said Marhoon Al Mamari, was appointed to Zain’s board of directors.

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