OBIC Buys Majority Share In Renna Mobile

Oman Brunei Investment Company (OBIC) acquires a majority share of Renna Mobile, an Omani-based mobile virtual network operator, by injecting capital into the company. The capital is earmarked for Renna Mobile’s further expansion plans.

Renna Mobile CEO Joakim Klingefjord, said “yes, I can confirm that we have finalized an investment agreement with Oman Brunei Investment Company to secure our growth plans in Oman and beyond.”

Oman Brunei Investment Company Chief Executive Officer Abeer Mohammed Al Abduwani said “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.”

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.

The Saudi Gazette