M1 Limited (M1) and Integrated Telecommunications Oman SAOC (TeO) announced today that M1’s wholly owned subsidiary M1 TeliNet Pte Ltd has entered into an agreement to invest in TeO.
M1 is a telecommunication service provider in Singapore providing mobile and fixed services to close to 2 million customers. TeO is the Sultanate of Oman’s first private international gateway operator and a mobile services reseller. It offers its services under the operating brand Telecom Oman (TeO).
Pursuant to the Agreement, and subject to all requisite regulatory approvals and the completion of all conditions precedent by TeO and its shareholders, M1 Telinet has agreed to acquire 15% interest in TeO on a fully diluted basis.
“M1 is a major telecommunication service provider in Singapore, offering high quality services in a competitive and sophisticated market. TeO intends to capitalise on M1’s strengths and aspires to become a full service telecommunication service provider in the Sultanate. M1 and TeO will together create new dynamism in the Omani market and provide innovative services and solutions to the increasingly sophisticated consumers in Oman,” said Mr Suleiman Mohammed Al Yahya’ae, Chairman of the Board of TeO.
“Having M1 as a strategic shareholder reflects our ambition to build TeO into a leading full telecommunication service provider in the Sultanate. We are delighted to have M1 on board as we move to the next phase in our journey to evolve from a private telecommunications company to a successful listed company on Oman’s capital market,” added Mr Suleiman.
“This agreement marks the beginning of our relationship with TeO as we work together to achieve the common aspiration for TeO to become a leading full service telecommunication provider in Oman,” said Ms Karen Kooi, Chief Executive Officer, M1.
M1 and TeO officials met with the Executive President of Oman’s Telecommunications Regulatory Authority (TRA) and other senior TRA officials earlier today. The TRA sees the investment as a very positive step towards further development of the telecommunications sector in Oman.