MUSCAT, May 22: Oman Telecommunications Co. (Omantel) said on Tuesday it was considering buying into a Pakistani telecom company to expand outside its home market.
Omantel, the smallest telecom operator in the Gulf Arab region by market value, did not name the telecom firm in a statement, but said it could buy a “big share”.
“The company is currently studying plans to enter into competition to purchase a share in a Pakistani telecom company,” Omantel said in a statement. “The deal ... would give Omantel an opportunity to expand its investments.” Gulf Arab telecom operators have been hunting for foreign assets as competition increases at home, and Asia has been a priority.
Qatar Telecommunications Co. said this week it had completed the purchase of a majority stake in Pakistan’s Burraq Telecom, hoping to tap Asia’s fourth-most populous country.
Emirates Telecommunications Corp. bought a 26pc stake in Pakistan Telecommunications Co. Ltd. for $2.6bn in 2005.—Reuters
