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FINANCIAL NEWS
Bahrains’ Batelco shareholders approve CWC deal
15 Jan 2013
(MENAFN) Bahrain Telecommunications Company (Batelco) said its shareholders have agreed on a plan to buy various companies from Cable & Wireless Communications (CWC), Arabian Business reported.
Batelco is seeking to expand overseas through acquisitions, in order to make up for a weaker revenue and market share at home.
Now it is set to complete a deal for CWC’s Monaco and Islands division following the vote by shareholders.
The proposed acquisition includes the entire CWC interest in the Maldives, Channel Islands and Isle of Man, the Seychelles, South Atlantic and Diego Garcia as well as a 25 percent shareholding in Compagnie Monagesque de Communications, which holds CWC’s 55 percent interest in Monaco Telecom.
Batelco currently operates in Bahrain, Jordan, Yemen, Saudi Arabia and Kuwait.
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