Telco says it is assessing options for subsidiary which contributes about 11% of group's total profit
Bahrain Telecommunications Co (Batelco) has received non-binding offers to buy its Jordanian unit Umniah, the former monopoly said on Tuesday.
In October, Batelco said it was assessing options for Umniah. The parent subsequently launched a sales process for the subsidiary, it said in a bourse filing.
Batelco received non-binding offers for Umniah on Jan. 18 and will now evaluate these bids, it said. It did not reveal how many offers had been made.
Batelco owns 96 percent of Umniah, according to the Bahraini firm's website.
The unit made a net profit of 5.25 million dinars ($13.93 million) in the nine months to Sept. 30, about 11 percent of the group's total profit for the period, Batelco's financial statement showed.For all the latest banking and finance 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.