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Tue 24 May 2016 02:22 PM

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Bahrain's Batelco says no longer in talks to buy Malta's GO

Telco says negotiations had been for it to buy as much as 100% of GO but did not provide further details

Bahrain's Batelco says no longer in talks to buy Malta's GO

Bahrain Telecommunications Co (Batelco) is no longer in talks to buy Maltese telecoms company GO, the Bahraini firm said on Tuesday.

Last week, Batelco announced it had submitted a bid for GO, which is 60 percent owned by Emirates International Telecommunications (EIT), a unit of Dubai Holding.

These discussions have now ended, Batelco said in a statement to Bahrain's bourse. Batelco said negotiations had been for it to buy as much as 100 percent of GO but did not provide further details.

GO said in a statement earlier on Tuesday that it had chosen former monopoly Tunisie Telecom as the final preferred bidder for the sale of its entire issued share capital.

EIT, which is selling its stake in GO, also owns 35 percent of Tunisie Telecom, according to the Dubai-based firm's website.

Dubai Holding is an investment vehicle owned by the emirate's ruler Sheikh Mohammed bin Rashid al-Maktoum. Its subsidiaries include hotel group Jumeirah and real estate developer Dubai Properties.

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