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Tue 19 Feb 2008 06:39 PM

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Batelco to buy outstanding shares in Batelco Jordan

Batelco Group announces plan to take remaining 20% of Batelco Jordan under its control

Batelco Group has announced its intention to by up the remaining shares of Batelco Jordan that it does not already own, in a JD 2.12 million ($2.99 million) deal.

The offer for the outstanding 20% of Batelco Jordan, which is held by private investors, values the company at around JD 10.6 million ($14.9 million).

Batelco says that it has made an offer to all Batelco Jordan shareholders, through its Umniah subsidiary, and is now waiting for shareholder and regulatory approval.

Shaikh Hamed bin Abdulla Al Khalifa, chairman of Batelco said: "Batelco has made the offer to buy the remaining shares of Batelco Jordan as part of the Group's expansion plans which have seen the Kingdom of Bahrain's leading integrated communications company emerge as a key player in the MENA region in recent years."

Extraordinary General Meetings are planned for Batelco Jordan and Umniah shareholders before 18th March 2008. The company has asked that trading in Batelco shares, listed on the Jordanian Stock Exchange, are suspended until then.

Peter Kaliaropoulos, chief executive of Batelco commented: "Batelco has been executing a strategy of regional expansion pursuing broadband and mobile opportunities in high growth markets. Batelco Group aims to become an increasingly powerful communications company of reference in the MENA region."

"Our goal is to increase the level of innovation and competitiveness in the Jordanian telecommunications industry through one integrated information and communications services company servicing the total needs of both consumers and businesses," he added.

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