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Omantel to boost stake in Fiber Optic

06 Jul 2010

(MENAFN) Omantel, the largest telecom company in the Sultanate, has announced plans to boost its stake in Oman Fiber Optic Company to 40 percent, in a move seen by analysts as a shift in strategy towards local investments, Times of Oman reported.

According to Omantel’s first-quarter results statement, the company had a 25.96 percent stake in Muscat-based Fiber Optic, which manufactures fiber products and its other shareholders include Oman & Emirates Investment Holding and Omani bourse.

Omantel bought 488.8 million shares of Worldcall equivalent to 65 percent of the company, in February 2008. The $193 million deal marks its biggest foreign investment so far.

The finance ministry owns 70 percent in Omantel and the rest belongs to private shareholders.

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