Muscat: The Zain Group and Omantel on Saturday concluded a shareholder agreement to incorporate a joint venture (JV) to be called Zain Omantel International (ZOI).
Zain Group will be holding 74 percent of the JV share capital whereas Omantel's share will be 26 percent, a filing in the Muscat Stock Exchange (MSX)
The purpose of establishing ZOl is to help Zain Group and Omantel in managing their international wholesale requirements (the services, across eight markets, serving over 55 million customers which will create a better economy of scale value for the JV partners.
The above arrangement will not impact the ownership over the existing assets serving the international wholesale requirements of both Zain Group and Omantel.
Also, the services to each of the served markets will be subject to the prevailing laws and regulations of such markets.
"While it is not possible to specify the exact amount of the financial impact at this stage, it is expected that the JV will have a positive impact on Omantel's financial position," the statement said.
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