Monday, 20 November 2017

Omantel to take majority of Zain board seats

By Mary Lennighan, Total Telecom
Tuesday 14 November 17

Omani incumbent will control five of the eight seats on Kuwaiti group's board

Omantel on Monday nominated four new Zain directors, a move that will give it a majority on the Kuwaiti operator's board…

Omantel on Monday nominated four new Zain directors, a move that will give it a majority on the Kuwaiti operator's board.

The news came just hours after Omantel completed the formal auction process that enabled it to raise its stake in Zain to 21.9%, making it the telco's second-largest shareholder.

At the time Omantel said the composition of Zain's board would change as a result of the deal, and according to local press reports, it has already begun shaking things up.

Talal Said Marhoon Al Mamari, chief executive of Omantel, announced the nomination of the new board members a press conference at the Muscat Securities Market, the Muscat Daily reported.

Al Mamari was himself appointed to Zain's board in September the paper said, giving Omantel five Zain board seats. There are eight in total, meaning Omantel controls more than half of the board, it added.

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