Muscat plans to divest 20 per cent of the shares through an initial public offering (IPO) and to distribute a further 10 per cent to local pension funds. The adviser will manage the process throughout its lifespan, from performing due diligence to arranging roadshows and allocating shares to investors. 'We expect to begin work by the end of June, in order to complete the process by the end of the year,' says a senior banker involved in the process. 'Shares are likely to attract interest mainly from local and regional investors.'

The IPO will make Omantel's stock the most capitalised on the Muscat Securities Market and will assist in deepening the bourse (MEED 11:4:03).