Telecommunication
Omantel to declare results after finalising Zain accounts
Oman Telecommunications Company (Omantel), the largest telecom firm in the Sultanate, said that the company is currently not in a position to disclose the initial unaudited financial results as Zain group is yet announce its financial results.
Zain group, which is 21.9 per cent owned by Omantel, is treated as a subsidiary of Omantel and its results need to be consolidated with the Omani telecom firm as per IFRS 10 standards, said Omantel in a disclosure statement posted on MSM website.
Zain group is currently completing their consolidated results, which involve the consolidation of their results across 9 countries. These results then need to be consolidated with the results of Omantel which is significant and material to the group results.
Omantel will disclose the audited results of the group within the statutory time period specified under the Commercial Companies Law.
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