Muscat: Oman Brunei Investment Company (OBIC) has acquired a majority share of Renna Mobile, an Omani-based mobile virtual network operator (MVNO), by injecting capital into the company. The capital is earmarked for Renna Mobile's further expansion plans.
This important milestone for the company crowns the remarkable feat of having completed more than a year of continuous monthly operational and financial breakeven an achievement that was announced by Renna Mobile in June 2011.
An elated Renna Mobile CEO Joakim Klingefjord, said, "We have finalised an investment agreement with Oman Brunei Investment Company to secure our growth plans in Oman and beyond. We are honoured by the fact that Oman Brunei Investment Company scrutinised several other similar investment opportunities before they decided in our favour.
"I would like to extend my sincere appreciations to OBIC, TRA, Omantel and other business partners, as well as our invaluable employees, for contributing in various ways to making this fantastic deal happen," he added.
Speaking on behalf of Oman Brunei Investment Company, CEO Abeer Mohammed Al Abduwani, commented, "The objective of Oman Brunei Investment Company is to become a leading private equity investor in the region, by investing in a diversified range of companies. In our thorough due diligence, we were impressed by Renna Mobile's operation, and how it has built a strong brand and healthy customer base, while maintaining a very prudent and cost conscious approach to its operations. We are looking forward to support their expansion plans in Oman and abroad, as their new majority shareholder."
Renna Mobile launched its operation in Oman in May 2009 after having secured an MVNO agreement with Omantel and a license from Oman's Telecommunications Regulatory Authority. It quickly positioned itself firmly in the Omani market with a value proposition around brilliant customer service and fantastic prices, coupled with excellent network coverage through offering services on Omantel's superior mobile network. Based on this strategy, Renna Mobile became a preferred choice for many Omanis and expatriates alike – expanding its business into the market for both voice and data products, where it has now become a well known player in Oman.
Shahram Hashemi, Senior Investment Manager for OBIC, commented, "We found in Renna Mobile a strong and stable company supported by good management. This will be further cemented by its partnership with OBIC to strengthen its financial position and ensure that the company remains focused and fully committed to continue further growth in Oman, while considering regional expansion with us as a new strategic investor."
Klingefjord concluded, "We are thrilled about the new opportunities this strategic investment gives us, and we are thoroughly looking forward to a close cooperation with Oman Brunei Investment Company as our majority shareholder. In particular, we are looking forward to provide our existing customers with a number of innovative offers and promotions in the very near future, and also welcome many more customers to our Renna community."