Omantel has made an offer for a 12% stake in Zain, less than two months after it bought close to 10% of the Kuwait-based telco…
Omantel has made an offer for a 12% stake in Zain, less than two months after it bought close to 10% of the Kuwait-based telco.
The Oman telecoms incumbent signed a non-binding letter of intent for a 12% stake in Zain on Sunday, it announced in an Oman Securities Market filing on Monday.
It has offered to purchase all the shares held by Al Khair and its subsidiaries and affiliates, it explained, in a short statement. Al Khair is evaluating the offer.
It did not comment on the value of the transaction.
Omantel paid 255.4 million Kuwaiti dinars (€717 million) or US$846.1 million for a 9.84% holding in Zain in August.
At the time, the telcos talked up their ability to explore mutually beneficial synergies and business-enhancing opportunities in the Middle East.
Omantel is keen to diversify its revenue streams and move away from effectively being a single-market operator, raising its profile in the wider region.