Tuesday 23 July 2024

Batelco gets non-binding bids for Jordan unit

MANAMA, January 19, 2016

Bahrain Telecommunications Company (Batelco) has received non-binding offers to buy its Jordanian unit Umniah, the former monopoly said on Tuesday.

In October, Batelco said it was assessing options for Umniah. The parent subsequently launched a sales process for the subsidiary, it said in a bourse filing.

Batelco received non-binding offers for Umniah on January 18 and will now evaluate these bids, it said. It did not reveal how many offers had been made.

Batelco owns 96 percent of Umniah, according to the Bahraini firm's website.

The unit made a net profit of BD5.25 million  ($13.93 million) in the nine months to September 30, about 11 percent of the group's total profit for the period, Batelco's financial statement showed. - Reuters

Tags: Jordan | Batelco | Umniah |

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