The Gulf Hotels Group (GHG) said it has expressed an intent to acquire Bahrain Tourism Company (BTC).

The company said it has submitted an initial non-binding letter of intent to the board of directors of BTC indicating its potential interest in acquiring 100 per cent of BTC's shares through a possible share-swap offer, reported the Gulf Daily News (GDN), our sister publication.

If completed successfully, the proposed acquisition is expected to result in synergies and efficiencies that would benefit the shareholders of GHG and BTC.

According to the BTC website, it was established as a Bahraini shareholder company pursuant to Amiri Decree in 1974 for the purpose of building and investing in hotels and other tourism projects.

The company's major undertaking is the Crowne Plaza Hotel, and Bahrain Conference Centre, investments in properties, shares, managed funds and deposits and other activities now contribute significantly to profits.

The company also owns and operates Bahrain Tourism Company travel division. - TradeArabia News Service