News Column

Government raises $530m from sale

April 29, 2014

OMAN'S GOVERNMENT raised nearly OR204 million ($530 million) from its sale of a 19 per cent stake in Omantel, part of efforts to revive its privatisation programme, a Muscat bourse statement said.The government's holding in the telecommunications operator will drop to 51 per cent 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 71.25 million shares.

The two-week retail part, which closed on 13 April, was 1.05 times subscribed, according to the statement. This tranche was worth OR96.2 million, the statement said, suggesting the shares were sold at OR1.350 each, according to Reuters calculations.

The institutional part, completed in March, was 1.99 times subscribed and attracted bids ranging from OR1.50 to OR1.90 per share. The cut-off price at which the placement was fully subscribed was OR1.511 per share, authorities said earlier.

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Source: Gulf, The (Bahrain)

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