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09 June 2023

Omantel picks Mashreq for Worldcall loan

By Agencies


Oman Telecommunications Co (Omantel) said on Monday it picked Dubai-based Mashreq Bank to arrange a $205 million loan to finance its acquisition of Pakistan's Worldcall Telecom.

Omantel did not give further details in a statement on the bourse website on Monday, citing Chief Executive Officer Mohammed Al Wohaibi.

The firm said last month it would buy 60 per cent of Worldcall for $193 million and an additional 5 per cent through the Pakistani stock market.

Bank Dhofar, National Bank of Oman and Bank Muscat had received requests from Omantel for loans to fund the takeover, three bankers told Reuters last month. (Reuters)