Omantel CEO highlights merits of towers sale deal

Omantel CEO highlights merits of towers sale deal

Muscat: On May 11, Omantel entered into a landmark agreement that is aimed at further strengthening its financial standing on several levels and driving better service and network solutions. At a virtual session with investors hosted by Muscat Securities Exchange (MSX)", Talal Said Al Mamari, Chief Executive Officer of Omantel, highlighted how this deal to sell its passive tower infrastructure to UK-based infrastructure management firm Helios Towers will drive cost efficiency and infrastructure development. In his address to the virtual audience, he said the $575 million sale is in line with Omantel's strategy to develop world-class asset-light, strategic and advanced communications networks in Oman and to generate the greatest value and efficiency for the benefit of shareholders, customers and partners. The Omantel CEO emphasised that the sale is critical for achieving the company's investment and cost efficiency targets, especially concerning improving its balance sheet position through prepayment of existing borrowings which will further lead to reduced financial charges going forward. Detailing the schematics of the agreement, Al Mamari said Omantel will sell 2, 890 towers in the Sultanate to Helios Towers for a cash consideration of $575 million, an amount which has made the transaction among the highest in valuation