Omantel CEO has said that company is going ahead with the sale of its stakes in WorldCall, reported Reuters.
“We have accepted the offer we had received to sell our shares in WorldCall”, confirmed the Omantel chief executive Talal al-Mamari.
Oman Telecommunication currently holds controlling stakes in WorldCall that they have been trying to sell for a long time now.
Omantel acquired 56.8 percent stakes in WorldCall back in 2008. The $193 million deal was its biggest foreign investment at the time.
After repetitive but failed attempts during past two years, it appears that Omantel has now finally been able to lock the deal.
Back in September 2016 WorldCall, through a stock exchange filing, had announced that it had received an offer for stakes buyout.
In response, since the deal is being locked now, Omantel will be buying back shares and will sell the company as a whole to the buyer.
Omatel didn’t say any thing on value of the deal but said that they have accepted the offer.
WorldCall share value during past one year, source: capitalstake.com
Since the announcement in September 2016, WorldCall share prices almost doubled from Rs. 1.67 per share before the announcement to Rs. 3 on average after the announcement.