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Thu 4 Aug 2016 02:52 PM

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Omani telco ends talks over WorldCall stake deal

Oman Telecommunications says it has halted discussions with Pakistan investor

Omani telco ends talks over WorldCall stake deal

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.

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