[2008-02-20]  Batelco plans to raise stake in Jordan unit
Batelco has offered to purchase the remaining 20 per cent shares it does not currently own in Batelco Jordan, for a total consideration of 2.126 million Jordanian dinars ($3m)

Through its 96 per cent-owned subsidiary Umniah Mobile Communications, Batelco has made an offer to all Batelco Jordan shareholders, valuing the company at 10.629m Jordanian dinars.

The offer is subject to approval by all relevant authorities in Jordan, including the Telecommunications Regulatory Commission and respective shareholders of Umniah and Batelco Jordan, at an extraordinary general meeting next month.

Batelco Jordan's board, following receipt of the offer, has requested the Jordanian Stock Exchange to suspend trading of shares until the shareholders' meeting.

Batelco Jordan is evolving as the leading provider of innovative integrated communication solutions in Jordan using its 21st century cutting-edge next-generation IP enabled network infrastructure coupled with consistent execution of operations to improve customer experience and provide a host of innovative and converged customer solutions.

"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 Bahrain's leading integrated communications company emerge as a key player in the Middle East and North Africa (Mena) region in recent years," said Batelco chairman Shaikh Hamad bin Abdulla Al Khalifa.

Batelco purchased a 96pc shareholding of Umniah in 2006, followed by a 20pc shareholding of Sabafon, Yemen's leading mobile communications company, last year. Additionally last year, Batelco, as part of the Atheeb Consortium, won a licence to launch fixed communications services in the Saudi market.

The Royal Decree to launch services is expected to be awarded in the first quarter of this year and the consortium will roll out wireless broadband, data solutions and voice services nationwide in Saudi Arabia by the end of the third quarter.

"Batelco has been executing a strategy of regional expansion pursuing broadband and mobile opportunities in high-growth markets," said Batelco chief executive Peter Kaliaropoulos.

"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.
Source: Copyright © 2007 Gulf Daily News,