batelco announcement
batelco group announces offer to purchase additional shares of batelco jordan
Batelco Group announced today (19th February) that it has offered to purchase the remaining 20% shares it does not currently own in Batelco Jordan, for a total consideration of JD 2.126 million.
Batelco, through its 96% owned subsidiary, Umniah Mobile Communications has made an offer to all Batelco Jordan shareholders, valuing the company at JD 10.629 million.
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 Extraordinary General Meetings on or before 18th March 2008.
Batelco Jordan's Board of Directors, following receipt of such an offer has requested the Jordanian Stock Exchange to suspend trading of shares until the Shareholders Meeting in March 2008.
Since its inception in 2001, Batelco Jordan has been at the forefront of the ICT industry in Jordan, being a leader in providing internet services and business solutions such as frame relay and IPVPN solutions for both resident and business customers, which has positioned Batelco Jordan as the provider of choice for its customers.
Today 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 Kingdom of Bahrain’s leading integrated communications company emerge as a key player in the MENA region in recent years,” said Batelco Chairman Shaikh Hamed bin Abdulla Al Khalifa.
Batelco purchased a 96% shareholding of Umniah in 2006, followed by a 20% shareholding of Sabafon, Yemen’s leading mobile communication’s company, in 2007. Additionally in 2007, 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 2008 and the consortium will roll out wireless broadband, data solutions and voice services nationwide in Saudi Arabia by the end of Q3 2008.
“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,” added Mr. Kaliaropoulos.
