M1 agrees to acquire 15% stake in TeO

M1 TeliNet, a wholly owned subsidiary of Singaporean telecoms operator M1 Limited, has entered into an agreement to acquire a 15% interest in Integrated Telecommunications Oman (TeO), as the Omani company moves towards becoming a full service provider. Previously known as Sama Telecommunications (Samatel), TeO is an international gateway operator and provider of international calling card services, and is also due to launch mobile reseller services later this year. ‘TeO intends to capitalise on M1’s strengths and aspires to become a full service telecommunication service provider in the Sultanate,’ commented Suleiman Mohammed Al Yahya’ae, chairman of the board of TeO, adding: ‘M1 and TeO will together create new dynamism in the Omani market and provide innovative services and solutions to the increasingly sophisticated consumers in Oman… We are delighted to have M1 on board as we move to the next phase in our journey to evolve from a private telecommunications company to a successful listed company on Oman’s capital market.’ The deal is subject to all requisite regulatory approvals and the completion of all conditions precedent by TeO and its shareholders.