Bahraini telco Batelco appoints new chairman

Sheikh Abdulla bin Khalifa Al Khalifa will replace Sheikh Mohammed bin Khalifa Al Khalifa, who has served as chairman since December 2016
By Sam Bridge
Mon 04 Jun 2018 01:56 PM

Bahrain Telecommunications Company, better known as Batelco, has announced the appointment of Sheikh Abdulla bin Khalifa Al Khalifa as its new chairman.

Sheikh Abdulla will replace Sheikh Mohammed bin Khalifa Al Khalifa, who has served as chairman since December 2016.

Sheikh Abdulla was previously the CEO at Osool Asset Management with more than 20 years’ experience in the banking and financial services industry.

He is also the chairman of SICO Investment Bank, board member of BBK and Amanat Holding. He holds a Bachelor of Science in Business Administration from the George Washington University, US.

Earlier this year, Batelco approved the distribution of a cash dividend worth more than $110 million.

Its annual general meeting saw shareholders approve the recommendation of the board of directors for a full year dividend at a value of 25 fils per share, of which 10 fils per share was already paid during the third quarter of 2017.

It announced a 3 percent increase in revenues, reaching BD379.4 million ($1 billion) for the full year of 2017.

Organic gross revenue, which grew for the first time since 2009, was boosted by double-digit growth in broadband and digital services, reporting 16 percent and 13 percent growth respectively.

For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Last Updated: Mon 04 Jun 2018 02:00 PM GST

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.