Oman's Ministry of Finance said on Monday that 8 telecom operators have been selected to participate in the sale of the 25 percent shares in Oman Telecommunications Co (Omantel). Following an in-depth evaluation of the submissions of expressions of interest, the ministry, together with its advisors, is now in contact with the qualifying telecom operators that will be invited to submit first round technical and financial proposals for a 25 percent stake in Omantel. This includes prominent European, Asian and regional telecom operators. Darwish Ismail Al-Bulushi, secretary general of the Ministry of Finance and chairman of the Steering Committee overseeing the Omantel strategic partnership process, said: “The quality and number of expressions of interest received were very strong. The level of interest is testament to the quality of the Omani macro economic scene, the opportunity in the Omani telecoms market and of Omantel itself. The selected parties are being contacted and we now look forward to receiving the parties' first round proposals in the second half of September.” The Gulf state, which owns 70 pecent of Omantel, is selling the stake to help fortify the firm''s market position as competition continues to rise in the region and telecom companies expand abroad to diversify their revenue streams. Saudi Telecom Company said last month it wants to buy the 25 percent stake Oman is selling in Omantel, after it spent more than $6 billion in foreign expansion in 13 months. Shares of both firms jumped more than 3 percent after the largest Arab telecom firm by market value said it would seek to set foot in its second Gulf market outside of Saudi Arabia. Etisalat has said it would be interested in bidding. Oman, which owns 70 percent of Omantel, kicked off the sale earlier in July, inviting investor interest in a deal it hopes will boost the state-controlled firm's competitiveness. Mobile penetration in 2.5-million-strong Oman was 96 percent in 2007, the region's lowest, according to official estimates. STC has spent in excess of $6.5 billion since June 2007 as it sought to catch up with regional rivals, such as Etisalat. __
