Oman Telecommunications Company (Omantel) has completed stake buyout deal with Pakistan-based Worldcall Telecom.

Omantel CEO Dr Mohammed Bin Ali Al Wohaibi, Worldcall CEO Salmaan Taseer, Pakistan Telecom Authority Chairman Major-General (Retd) Shahzada Alam and Ambassador of the Sultanate to Pakistan Mohammad Bin Said Bin Mohamed Al Lawati attended the function.

Omantel has acquired 488.8 million (65 per cent) stakes in Worldcall. Of this, 451.2 million shares are from sponsors while 37.5 million are being purchased from the public through the securities markets, the company said in a statement.

The total value of this transaction is around $200 million.

Through this acquisition, Omantel has acquired direct access to a market of 170 million with immense potential for growth in core telecom and broadband service offerings.

Worldcall occupies a unique position being the only true multi-service Operator (MSO) in Pakistan’s telecom landscape with proven track record and established market position in various segments of its operations.

Worldcall has licenses to operate LDI, WLL and other telecom services across Pakistan as well as rights to a nationwide long haul network.

Its WLL service covers 46 cities while its distribution network, which is one of the largest, reaches 59,000 outlets in 220 cities and towns.

Worldcall has a significant market share in long distance and international operations, wireless local loop, metro connect for telecom and enterprise connectivity on fibre optics. Worldcall also enjoys leadership position with consistent growth in its market share for broadband connectivity and cable television with associated advertisement play.

Omantel plans to escalate existing Worldcall operations to excel in telecom offerings with further enhancement of network reach and delivery capacity targeting a rapid growth in market share.

Focus of roll-out will principally target broadband segment with sustained growth of voice centric services. This planned expansion coupled with initial investment would see a sizable inflow of capital into Pakistan. – TradeArabia News Service