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Oman gov’t raises $530 mln from sale of 19% of Omantel

Oman gov’t raises $530 mln from sale of 19% of Omantel
Omantel
OTEL
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Oman's government raised nearly OMR204mn (USD530mn) from its sale of a 19% stake in Omantel, part of efforts to revive its privatization program. The government's holding in the telecommunications operator will drop to 51% following the completion of the second and final part of the share sale. Each tranche - the first a private placement for institutions and wealthy individuals, the second a public offer for retail investors - sold 71.25mn shares. The two-week retail part, which closed on 13 April, was 1.05 times subscribed, according to the statement. This tranche was worth OMR96.2mn, according to Reuters.