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FINANCIAL NEWS
Bahrain’s Batelco plans to raise stakes in affiliate firms
16 Oct 2012
(MENAFN) Bahrain Telecommunications’ Co (Batelco) chief executive, Sheikh Mohamed Isa al-Khalifa, stated that the company plans to increase its stakes in affiliate firms in order to boost returns, reported Arabian Business.
Sheikh Mohamed added that the move would let the company, which owns Jordanian operator Umniah, own a majority or controlling stake in other firms.
At the current time, Batelco is in talks with Cable & Wireless Communications to acquire its assets in Monaco and a host of island nations, a deal potentially worth about USD1 billion.
He added that the company consented to sell its 43 percent shareholdings in Indian affiliate S Tel to its local partner for USS175 million.
It is worth noting that Batelco holds a 27-percent stake in Yemeni mobile firm Sabafon and minority stakes in internet providers in Kuwait and Saudi.
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