Omantel ends talks with potential buyer of its WorldCall stake

August 4, 2016 3:42 pm

Oman Telecommunications (Omantel) said on Thursday it had ended discussions with a Pakistan investor interested in buying Omantel’s shares in Pakistan’s WorldCall Telecom Ltd.


Omantel took a 56.8 percent stake in the diversified telecom operator in 2008. The $193 million deal marked its biggest foreign investment at the time.


The statement did not name the potential acquirer or the value of the sale but said that a favourable deal could not be reached so the discussions had ended.


Omantel said in June its board received a non-binding offer for its controlling stake in WorldCall and that it had granted the potential investor approval to carry out due diligence.


By Reuters
A division of Thomson Reuters, Reuters is an international news agency headquartered in London, England, and provides up-to-the-minute news and views on global and regional events.