Mubasher: Oman Telecommunications Company (Omantel) on Sunday said it received a letter from the Oman Investment Fund (OIF) notifying it that the fund has transferred its 51% stake in the company to United International Telecommunication Investment & Projects.

Earlier this month, CNBC Arabia reported that the OIF was seeking to collect around $600 million to acquire the Omani Ministry of Finance's stake in Omantel.

The Omani finance ministry’s State General Reserve Fund has a stake of around 5.47% in the Oman-based telecom operator.

United International Telecommunication Investment & Projects is an OIF subsidiary.