Batelco yet to receive Seychelles nod for CWS deal
Manama, December 2, 2013
Batelco Group, the regional telecommunications operator headquartered in Bahrain, said it is yet to receive regulatory approvals from the Government of Seychelles to proceed with the acquisition of Cable & Wireless - Seychelles (CWS).
The Bahraini telco giant had announced last year that it would buy CWC's Monaco and Islands division, which owned stakes in telecom operators in 12 markets including the Maldives, Channel Islands and the Seychelles, providing fixed-line, mobile, broadband and television services.
Batelco’s Group chairman Shaikh Hamad bin Abdulla Al Khalifa pointed out that the required approvals had not been provided by the Seychelles government for the smooth acquisition of CWS.
“We will continue to focus on developing our current businesses including the companies acquired in April 2013. We are already seeing positive results and look forward to promising results in the future,” he added.
Meanwhile, Reuters reported that Cable & Wireless Communications was considering options for its assets in the Seychelles as the Batelco had failed to secure approval to buy the business by a set date.
"Cable & Wireless Communications has been notified that all necessary approvals for the sale of its business in the Seychelles to Batelco Group have not been granted," said the report citing a company statement.
"Accordingly, that disposal did not complete by the long-stop date agreed with Batelco and CWC will be considering its options for the Seychelles business," it added.
Shares in the British group fell 1.9 percent on the news.-Reuters and TradeArabia News Service