Nawras eyes USD1 billion from IPO, report says

According to a report by Reuters, which cites a source familiar with the matter, Oman’s second national telecoms operator, Omani-Qatari Telecommunications Company (Nawras), is hoping to raise up to OMR400 million (USD1.03 billion) from its initial public offering (IPO), reportedly scheduled for 20 September 2010. Nawras, which was founded in 2004 by a consortium comprising Qatar incumbent Qtel (which owns a 55% stake in the company), Danish counterpart TDC (15%) and a number of Omani investors (30%), has hired Morgan Stanley and Bank Muscat as the managers for the IPO. CommsUpdate reported last month that Nawras is planning to offer 40% of its shares – a minimum requirement in the Sultanate – and will become the first Omani company to opt for a book-building process. The firm agreed to float in February, as required under the terms of its licence, but the government granted the operator an extension to September.