Investment firm acquires majority stake in Omani MVNO

Oman Brunei Investment Company (OBIC) has acquired a majority stake in mobile virtual network operator (MVNO) Renna Mobile, reports the Times of Oman. In return, OBIC will inject capital in the mobile service provider to further its expansion plans. ‘We have finalised an investment agreement with OBIC to secure our growth plans in Oman and beyond,’ commented Renna Mobile CEO Joakim Klingefjord, adding: ‘We are honoured by the fact that OBIC scrutinised several other similar investment opportunities before they decided in our favour.’ Meanwhile, without stating the size of the stake OBIC has acquired, or how much it capital it will be injecting in Renna, OBIC CEO Abeer Mohammed Al Abduwani said: ‘In our thorough due diligence, we were impressed by Renna Mobile’s operation, and how it has built a strong brand and healthy customer base, while maintaining a very prudent and cost conscious approach to its operations. We are looking forward to supporting their expansion plans in Oman and abroad, as their new majority shareholder.’ According to TeleGeography’s GlobalComms Database, Renna was awarded a five-year Class II licence by the Telecommunications Regulatory Authority (TRA) in July 2008, along with four other companies, with the stipulation that all were to become MVNOs. The company became the Sultanate’s second MVNO when it launched services over the network of incumbent operator Omantel in May 2009.