Omantel subsidiary not to proceed with stake sale

Omantel has announced its subsidiary Zain Telecom has dropped plans to proceed with the sale of its stake in Zain Sudan.

In a filing to the CMA, the telecom company referenced its disclosure on December 9, 2021 concerning the nonbinding offer to sell Zain Group’s stake in Zain Sudan Company and the Kuwaiti Sudanese Holding Company.

It noted that the proposed “sale would not have achieved the desired outcome of maximising shareholder value”.