Omantel acquires 60% of Pakistan’s WorldCall
Sunday, February 24, 2008 7:27Posted in category Articles
(MENAFN) The Chief Executive Officer at the Oman Telecommunications Company (Omantel) said that the company has acquired a 60 percent stake in Pakistani telecommunication firm WorldCall for around $193 million, Gulf News reported.
The CEO added that the majority state-owned Omantel is also planning to buy another five per cent stake in Worldcall from Pakistani bourse. The transaction includes 70.65 percent interest in Worldcall Telecom’s subsidiary in Sri Lanka.
He said that Omantel intends to fund the acquisition through long-term debt facilities and was in negotiations with a bank to underwrite the loan. Omantel acquired 488.8 million shares in WorldCall Telecom from majority stakeholders and other related parties.
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