TANMIA acquires 32 per cent stake in Awasr

Oman National Investments Development Company (TANMIA) has signed an agreement with Awasr to acquire a 32 per cent stake in the Omani based company.

Awasr, Oman’s first 100 per cent fibre-optic network service provider, has, within a span of two years, established its mark in the business of Internet as a fastest growing provider with a reach and network that has introduced choice, ease and convenience for customers from all walks of life. Awasr has been recently awarded as the Fastest Fixed Broadband Network in Oman from Ookla, the company behind speedtest.net.

The signing ceremony was held at the head office of Awasr in the Knowledge Oasis Muscat and has been attended by His Highness Sayyid Taimur bin Asaad bin Tareq al Said, the Chairman of Awasr, Abdulsalam al Murshidi, Chairman of TANMIA, Shaikh Rashid al Saadi, Chief Executive Officer — TANMIA and Abdulmonem al Futaisi, Chief Operating Officer of Awasr.

Under the deal, TANMIA will invest in Awasr through a combination of equity purchase from the current owners and a capital increase to finance new development projects and enhance the expansion strategy.

HH Sayyid Taimur, Chairman of Awasr said: “Awasr continues to grow strongly in the market and we are proud to join hands with TANMIA, a strong and visionary partner, towards enabling the vision of the company to lead in creativity and innovation to enable our customers to unlock the power and possibilities on the Internet.”

“TANMIA considers Awasr as a long-term strategic investment, and has monitored closely how Awasr has been performing in the market and has also gone into the strategic details of how Awasr plans to evolve in the telecom sector in Oman, this has given us confidence in acquiring shares in Awasr that will support the future goals of the company and will show great benefit to the Sultanate of Oman,” said Abdulsalam al Murshidi Chairman of TANMIA.

Shaikh Rashid al Saadi CEO TANMIA, said: “the agreement is the result of several discussions and negotiations, and it comes in light of the Sultanate’s continuous efforts provide a world-class Internet and fixed infrastructure throughout Oman as part of the National broadband Strategy.”

Launched in March 2016, Awasr has wasted no time in meeting its set targets, even crossing the established parameters to reinvent the concepts of speed for users in and around Muscat, with its fibrenet packages.