São Paulo – Oman is planning on selling minority and majority stakes in 60 state-owned companies. According to information from news agency AFP, the Omani minister of Finance, Darwish Al Beloushi, said the first company to be traded is the carrier Oman Air.
Beloushi, who is also the Oman Air chairman, said the company will be dismembered into three: one for freight, one for ground services and one for passengers. “A decision on privatisation will be taken subsequently in light of the results at each of the companies,” he said last Thursday (20th).
The government plans on dismembering and breaking up Oman Air because the company is posting losses – US$ 285 million in 2011. The following year, losses stood at US$ 251.2 million.
The Omani government also plans on selling stakes in telecom company Omantel. In February, 9.5% of the government’s stake in the company were sold. Another 9.5% will be offered on March 27th, and should earn US$ 362.5 million to the government, which should still remain the majority stakeholder.
*Translated by Gabriel Pomerancblum