Omantel IPO set for 11 June: foreigners need not apply

The initial public offering (IPO) of state-owned Oman Telecommunications Company (Omantel) will begin on 11 June and is scheduled to end on 10 July, according to The Times of Oman. Omantel, which posted a net profit of USD189.6 million in 2004, will float 225 million shares at a price of USD3.4 per share, aggregating to USD748 million. Of the total shares, 70% will be offered to individual Omani investors, with 30% intended for pension funds and charitable organisations. The IPO, the largest to date in the Omani capital market, will not be open to foreign investors.