STC interested in Omantel stake

24 Jul 2008

Saudi Telecom Company (STC) revealed yesterday that it wants to buy the 25% stake put up for sale by the government in Omantel. STC is reported to be keen to keep up with the expansion drive of regional rivals such as Etisalat. In June 2007 the Saudi company made its first foreign acquisition, buying 25% of Malaysia’s Maxis for USD3 billion. Later that year the telco snapped up a 26% stake in Kuwait’s third cellco (which is yet to launch) for USD937 million, while in February 2008 it paid USD2.6 billion for a 35% share of Oger Telecom.