Omantel pays $193 million for 65 per cent stake in Worldcall (Pakistan)

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Omantel pays $193 million for 65 per cent stake in Worldcall (Pakistan)

March 15, 2008

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Oman Telecommunications (Omantel) has reportedly bought 65 per cent stake in Pakistan's Worldcall Telecom for $193 million. While 488.8 million shares – equivalent to 60 per cent stake – have been bought directly from the operator, the remaining 5 per cent has been bought through the stock market. Omantel had agreed to buy the stake in the Pakistani operator in June 2007 but did not reveal the amount it was looking to pay. Worldcall offers a wide range of services in Pakistan including local loop, international calls and internet. The Omani incumbent believes the acquisition could boost its profits by up to 14 per cent in 2008-09.