Omani telco Omantel has confirmed that it has paid USD193 million for a 65% holding in Pakistan’s Worldcall Telecom. It is the operator’s biggest investment outside its home country. The state-owned company said last May that it was in talks to buy a Pakistan telco, identifying Worldcall a month later, but didn’t reveal what it was looking to pay. Omantel has agreed to buy 60% of Worldcall from shareholders and a further 5% through the Pakistani bourse.
‘Entering the Pakistani market is important because it is one of the markets that has the fastest growth rates due to the dense population and low penetration levels in several telecommunication services,’ said Omantel CEO Mohammed al-Wohaibi in a statement. Worldcall offers a range of services in Pakistan including local loop, international calls and internet, and the Omani incumbent believes that its acquisition could boost profits by up to 14%.