(MENAFN) Oman's government could raise as much as USD530 million after selling 19 percent stake in its Omantel, according to Gulf Daily News.
Muscat bourse said that the Omani government aims to support its privatization program.
After completing the second part of the sale, the government will be owning 51 percent of the telecommunications company.
The share sale was in two tranches; the first was a private placement for institutions and wealthy individuals, while the second was a public offer for retail investors.
The second tranche was worth USD249.17 million, according to Reuters calculations.
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