Mubasher: Oman Telecommunications (Omantel) has nominated four new members for the board of directors of Mobile Telecommunications (Zain).
The CEO of Omantel, Talal Al Moaamary, was appointed as a non-executive member in Zain’s board of directors, according to a bourse statement issued on Monday.
Thus, Omantel has the majority of five seats in Zain’s board out of eight members.
On Sunday, Boursa Kuwait announced that Omntel, which is listed on Muscat Securities Market (MSM), has won the public auction to purchase 12.1% of Zain’s capital.
Following this auction, Omantel has become the second largest shareholder in Zain, with a total stake of 21.9%.
