Batelco considers sale of Jordanian unit
25 November 2014 |
Bahraini operator Batelco is said to be considering the sale of its Jordanian subsidiary Umniah Mobile.
According to Bloomberg, Batelco has hired Citigroup to help manage the sale.
Batelco acquired a 96% stake in Umniah for $415 million in 2006. The company has 3 million customers in Jordan. The report states that the sale could raise up to $600 million.
In September, the company’s CEO Rashid Abdulla resigned, and was temporarily replaced by Alan Whelan, who was appointed CEO of the Batelco Group last year.
Batelco operates in 16 markets worldwide, but Bahrain is its most important, having accounted for 42% of revenue and 62% of profit in the first half of 2014.