It was bad enough that the Government had to cut the 'Royalty' [ie special tax] Omantel pays to help boost its sagging shareprice and ease its cashflow problems. The company also is the monopoly supplier of Internet connections to the outside world in Oman - Nawras could get 10x the bandwidth at 10% of the price they pay OmanHel via the UAE, but that would be against their licence with the TRA.
But the recent announcement of Omantel buying a stake of $204mln in a pretty obscure Pakistani Telecom company for a pretty hefty stake is very interesting, as highlighted by the (always well connected) Muscati here at the Oman Community blog:
Oman Community Blog: Omantel - Smoke and Mirrors
The questions: who owns the shares? How does the price compare to projected cashflow? Anyone out there who knows?
Sunday, November 18, 2007
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