MUSCAT: Oman Telecommunications (Omantel) has announced that it has acquired a 40 per cent stake in Majan Telecommunication (Renna Mobile).

Omantel is the first and leading telecom services provider in the Sultanate. Whereas, Renna Mobile was established in 2007 and is considered one of the first mobile services resellers licensed in the Sultanate and currently enjoys the highest market share among mobile resellers. In a disclosure to the Muscat Securities Market, Omantel clarified that the total consideration of the transaction is RO5mn.

This Year, Majan Telecom launched Red Bull MOBILE in the Sultanate, an international brand targeting the youth segment, to continue leading the resellers market with more innovative products and services.

The transaction is underpinned by a vision of both the Parties to chart a course of robust growth for both entities who have a long history of mutually beneficial growth and collaboration which have fruited in introducing innovative and appealing products and services to all segments of the Omani society. This transaction is expected to take this collaboration to newer heights and long term value creation to their shareholders and subscribers.