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FINANCIAL NEWS
Bahrain’s Batelco acquires 46 percent stake in Quality Net
10 Apr 2014
(MENAFN) Bahrain’s Batelco Group said it acquired more 46 percent shareholding of Ali Alghanim and Sons General Trading and Contracting Company’s (Alghanims) in Quality Net, according to Gulf Daily News.
Batelco’s equity stake in Quality Net now reached 90 percent from 44 percent.
Batelco has signed an agreement with the Alghanims in February to purchase their stake in Quality Net, an Internet and data service provider operating in Kuwait.
Batelco Group chairman Shaikh Hamad bin Abdulla Al Khalifa said: “The acquisition provides the right kind of fit for the group to enhance future value of its international operating companies by realising cost efficiencies and further telecom opportunities.”
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