Oman National Investments Development Company (Tanmia) has signed a pact with Awasr to acquire a 32 per cent stake in it.
Awasr, Oman’s first 100 per cent fibre-optic network service provider, has, within a span of two years, established its mark as the fastest growing Internet provider. Under the deal, Tanmia will invest in Awasr through a combination of equity purchase from the current owners and a capital increase to finance new development projects and enhance the expansion strategy.
The signing ceremony was held at the head office of Awasr in Knowledge Oasis Muscat.
H H Sayyid Taimur bin Asa’ad bin Tariq al Said, chairman of Awasr, Abdulsalam al Murshidi, chairman, Tanmia, Sheikh Rashid al Saadi, chief executive officer, Tanmia and Abdulmonem al Futaisi, chief operating officer of Awasr attended the ceremony.
Sayyid Taimur said, “Awasr continues to grow strongly in the market and we are proud to join hands with Tanmia, a strong and visionary partner, towards enabling the vision of the company to lead in creativity and innovation to enable our customers to unlock the power and possibilities on the Internet.”
“Tanmia considers Awasr as a long-term strategic investment partner, and has monitored closely how Awasr has been performing in the market and has also gone into the strategic details of how it plans to evolve in the telecom sector in Oman. This has given us confidence in acquiring shares in Awasr that will support the future goals of the company and will show great benefit to the sultanate of Oman,” said Murshidi.
Sheikh Rashid said, “The agreement is the result of several discussions and negotiations, and it comes in the light of the sultanate’s continuous efforts to provide a world-class Internet and fixed infrastructure throughout Oman as part of the National Broadband Strategy. ”
Having launched its operations in March 2016, Awasr has wasted no time in meeting its set targets, even crossing the established parameters to reinvent the concepts of speed for users in and around Muscat, with its fibrenet packages. Awasr has recently also signed an agreement with SAP to provide the Hana Enterprise Cloud services in Oman.
Meanwhile, Futaisi called it a major milestone for Awasr. “This acquisition is a major milestone for Awasr as it serves our goals to establish ourselves as a major player in the telecommunication market in the Sultanate of Oman. We have, in less than two years, been able to reinvent the Internet market in Oman with our offerings and we aim to continue this innovation path in the future.”
Awasr provides high-speed Internet services to both residential and business sectors. It covers several locations in Muscat including Ma’abela, Mawaleh, Al Khoudh, Seeb, Al Hail, Wadi al Lawami, Azaiba, Ghubra, Qurm, Shatti al Qurum, Wadi Kabir, Wadi Adai, Hamriya and Darsait.
Read more: http://www.muscatdaily.com/Archive/Oman/Tanmia-to-acquire-32-stake-in-network-service-provider-Awasr-566l#ixzz53mUzDkRc
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