Bahrain’s Batelco to sell stake in Jordan’s Uminah
30 Nov 2014
(MENAFN) Bahrain’s Batelco announced it has hired Citigroup to sell its Jordanian mobile operator Umniah, Gulf Business reported.
Umniah, Jordan’s No.3 mobile operator by subscribers with 30 percent share, competes with Zain Jordan, which has 39 percent share of subscribers and France’s Orange, with 30 percent share of subscribers, was bought by the Bahraini former monopoly in a USD416.2 million deal, which made Batlco the majority shareholder with 96 percent stake in the company in 2006
“Batelco’s board of directors continues to explore opportunities in the sector as well as monitoring the performance of the investment portfolio,” Batelco said in a statement.
Batelco, which has a market capitalization of USD1.5 billion, registered a profit of USD123.57 million during the January-September period of this, with Umiah accounting for USD12.31 million, or 10 percent of that profit
During the first nine months of this year, Umiaha’s profit declined by 25 percent in comparison with the same period last year, despite registering an increase in the number of its mobile subscribers by 8 percent to 2.9 million compared to the same period in 2013