Oman's telecommunications regulator has fined Omantel  RO5 million ($12.99 million), but the company will appeal, the former monopoly said in a bourse statement on Wednesday.

Omantel did not reveal the Telecommunications Regulatory Authority's reason for imposing the fine.

The company has disputed the fine and will take the matter to arbitration, it added.

Omantel, which competes with Oooredoo Oman, made a net profit of RO122.4 in 2014, up slightly on a year earlier. – Reuters