Omantel offers its towers for sale for more than $500 million

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هذه الصفحة متوفرة بهذه اللغة: العربية

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21 December 2020

MUSCAT (WAF)- Oman Telecommunications Company SAOG (Omantel) has invited a number of bidders to buy and leaseback the towers passive infrastructure owned by the Company in Oman, Omantel said in a disclosure to MSM today.

Omantel said that it is currently evaluating the offers. And that it is not possible to ascertain the financial impact accurately it will have on the Company. However, it estimates the sale proceeds to be over $500 million, the Muscat-listed CompanyCompany added.

The Company’s disclosure – which is majority-owned by Oman’s government – comes a week after Reuters published news that three bids were competing for the deal, which includes 3,000 towers, according to the agency’s report, citing unnamed sources.

According to Reuters’ sources, the three bids are by Oman Infrastructure Fund (Rakiza) -a subsidiary of Oman Investment Authority (OIA)- in cooperation with Mauritius-based IHS Towers. The second offer is by Oman Tower Company – a member of the Oman ICT Group, which is also owned by OIA. And A third offer is by UK-based Helios Towers.

In earlier remarks, Said al-Mandhari the CEO of Oman’s ICT Group told WAF News that the group’s plans include “increasing the share of the Oman Tower Company in the telecommunications tower market, including the acquisition of existing assets and re-leasing them to companies operating in the telecommunications sector.”