Joakim Klingefjord, Abeer Mohammed Al Abduwani
and Shahram Hashemi
Obic acquires majority stake in Renna Mobile
Muscat, December 5, 2012
Oman Brunei Investment Company (Obic), a leading private equity firm, has acquired a majority share of Renna Mobile, an Omani based mobile virtual network operator (MVNO), by injecting capital into the company.
The capital is earmarked for Renna Mobile’s further expansion plans, a report said.
“Yes, I can confirm that we have finalized an investment agreement with Oman Brunei Investment Company to secure our growth plans in Oman and beyond,” said Joakim Klingefjord, Renna Mobile CEO.
“We are honoured by the fact that Obic scrutinized several other similar investment opportunities before they decided in our favor. I would like to extend my sincere appreciations to Obic, TRA, Omantel and other business partners, as well as our invaluable employees, for contributing in various ways to making this fantastic deal happen.”
CEO Mohammed Al Abduwani said: “The objective of Oman Brunei Investment Company is to become a leading private equity investor in the region, by investing in a diversified range of companies.
“In our thorough due diligence we were impressed by Renna Mobile’s operation, and how it has built a strong brand and healthy customer base, while maintaining a very prudent and cost conscious approach to its operations. We are looking forward to support their expansion plans in Oman and abroad, as their new majority shareholder.”
Renna Mobile launched its operation in Oman in May 2009 after having secured an MVNO agreement with Omantel and a license from Oman’s Telecommunications Regulatory Authority.
Shahram Hashemi, senior investment manager for Obic, said: “We found in Renna Mobile a strong and stable company supported by good management. This will be further cemented by its partnership with Obic to strengthen its financial position and ensure that the company remains focused and fully committed to continue further growth in Oman, while considering regional expansion with us as a new strategic investor.”
Klingefjord added: "We are thrilled about the new opportunities this strategic investment gives us, and we are thoroughly looking forward to a close cooperation with Obic as our majority shareholder.”
“In particular, we are looking forward to provide our existing customers with a number of innovative offers and promotions in the very near future, and also welcome many more customers to our Renna community,” he concluded.
Renna recently announced that it had completed more than a year of continuous monthly operational and financial breakeven. – TradeArabia News Service