Saudi Telecom is planning to acquire 25 per cent stake in the Oman-based telecom service provider Omantel.

Saudi Telecom is planning to acquire 25 per cent stake in the Oman-based telecom service provider Omantel. Currently, the Omanese government owns 70 per cent of Omantel and intends to offload stake. The names of the pre-qualified bidders for the same will be announced soon. Reportedly, UAE-based Emirates Telecommunications Corporation is also interested in bidding for the stake. Saudi Telecom has been on an overseas acquisition spree having spent $6-$6.5 billion over the past 13 months to purchase 25 per cent stake in Malaysia-based telecom service provider Maxis, 26 per cent in Kuwait’s third mobile telephone licence and 35 per cent in Dubai-based Oger Telecom.