Omantel has nominated four new members to the Board of Directors at Zain Group. The operator recently completed acquisition of Zain shares, bringing total shareholding in Zain Group to 21.9%. Talal Al Mamari, CEO of Omantel has been appointed as a non-executive director in Zain Board.
Al Mamari said:“We look forward to working closely with the management teams and our fellow board members with the aim of bringing our two complementary businesses together and creating a new digital telecom powerhouse in the region. The new group has a balanced and diversified portfolio of growth and cash generative assets across nine markets. Bringing these assets together will generate synergies across wholesale, procurement and knowledge sharing along with increased collective exposure to high growth potential markets.”
Reuters reports that synergies will come from integrating the wholesale network with Zain’s, merging operations such as procurement, cooperating across our commercial activities and through shared investments in research and development. Omantel is targeting run rate synergies of over US$ 80 million per annum. Omantel will be fully consolidating Zain’s financials and presenting a combined set of Q4 and full year 2017 financial results in the next quarter.