Oman Telecommunication Co, better known as Omantel, has signed an agreement to potentially buy a 12 percent stake in Kuwaiti telecommunications firm Zain.
Omantel said in a statement to the Muscat Securities Market that it had signed a non-binding letter of intent with Kuwait-based Al Khair, an investment vehicle of Kuwait’s Al Kharafi merchant family, to purchase the stake.
Al Khair is studying and evaluating the offer, the statement said, without providing the price which was estimated at $960 million based on Zain’s current market value.
In August, Omantel purchased a 9.84 percent stake in Zain for $846 million.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.