Muscat – Oman Telecommunications Company (Omantel) has said that Cyclone Shaheen, which badly affected parts of Oman on October 3 and 4, caused damages to some of its network sites in Muscat, North Batinah, South Batinah and Al Dhahirah governorates.
In a disclosure to the Muscat Stock Exchange on Monday, Omantel said that it is currently in the process of assessing the extent of the caused damages. ‘At the same time, our teams are engaged in the restoration of Omantel services.’
The company informed its shareholders and investors that all its equipment and sites are fully covered by insurance.
‘It is expected that any losses arising out of this (cyclone damages) will be reimbursed by the insurance company subject to policy conditions. Hence, we do not expect to incur any material loss,’ Omantel said.
The company added that in due course it will provide an update on the loss estimates and related insurance claims.
The Capital Market Authority and Muscat Stock Exchange last week asked the exchange-listed companies and investment funds to urgently disclose the damages and loss caused by Cyclone Shaheen.