Omantel announces Extra-Ordinary General Assembly

The assembly was called also to approve the increase in the number of Omantel's board, from seven to nine members.

This meeting comes after the announcement by government of a set of decision including the change of Omantel's Board of Directors and the appointment of experienced government members in the telecommunications sector and information technology in new Board.

The reduction of royalty fees for fixed and mobile phone service to 7% from 10% and 12% respectively, the merging of Omantel and Oman Mobile companies as well as other decisions that will contribute to improvement of the telecommunications sector in the Sultanate being one of the most important sectors in boosting the national economy leading the comprehensive development.

It is worth noting that government representatives in the Board Directors of Oman Telecommunications Company, under the chairmanship of HE the undersecretary of the Ministry of Heritage and Culture Eng. Sultan Bin Hamdoun Al-Harthy, include General Director of Development Planning at the Ministry of National Economy Mr. Mahdi bin Mohammed Al Abdwany, Director General of Civil Aviation at the Ministry of Transport and Commumications Mr. Abdulrahim bin Salim Al Harami, the Chief Executive Officer of Information Technology Authority Dr. Salim bin Sultan Al Rozaqi, Director General of Knowledge Oasis Muscat Mr. Mohammed bin Hamad Al Maskari, and the Executive President of Oman Arab Bank Abudlqadir Asqlan Al Raisi, in addition to an international expert in telecommunications who will be named later.

Omantel has earlier announced its un-audited results for the period ending on 30 September 2007. The results showed that the company has achieved net profits after tax amounting to RO 82.5 million against RO 60.6 million i.e. an increase of 36% compared with the same period in 2006.

The company has also indicated that the group's revenues increased by 12.5% to reach RO 270 million compared with RO 240 during the same period last year. Meanwhile, expenses rose by 5% to hit RO 177 million compared to RO 169 million during the same period last year.

The government decision to reduce royalty fees from 21% and 10% on mobile and fixed line services respectively to a flat rate of 7% starting from 1 January 2007 has resulted to an increase of 13% in the company's profits.