Omantel shares to be listed

State-run Oman Telecommunications Company (Omantel) will have its shares listed for trading tomorrow on the Muscat Securities Market (MSM). Omantel’s IPO, which closed on 10 July, was oversubscribed by three times, breaking all previous national records by mobilising more than OMR700 million (USD1.818 billion) from more than 163,000 investors. The government divested 225 million shares, or 30% of the company’s paid-up capital of OMR75 million. Of these, 157.5 million shares were snapped up by individual Omani individual investors, whilst 67.5 million shares went to pension funds and charities.