Omantel offers USD204 million to acquire majority stake in Worldcall

12 Nov 2007

Incumbent Oman Telecoms Company (Omantel) has revealed that the value of its offer to acquire a 65% stake in Pakistan’s Worldcall Telecom Company is around USD204 million, reports the Khaleej Times. It added that it would purchase 60% of Worldcall from major shareholders of the company and a further 5% from other shareholders through the securities market. Omantel also said the investment was expected to boost its revenues by 18% to 27% and net profits by 3% to 14% in the medium term. Worldcall shareholders are said to have approved the deal. Worldcall offers a range of services in Pakistan including local loop, international calls and internet. Details of Omantel’s approach had previously been kept under wraps, though rumours had suggested that Omantel would pay up to USD171 million for a 75% stake in the Pakistani telco.