Batelco to Complete Sale of Kuwait Unit to Viva

Batelco to Complete Sale of Kuwait Unit to Viva

Bahrain’s Batelco has completed the sale of its 90% shareholding in its Kuwait subsidiary, QualityNet General Trading and Contracting Company, to Kuwait Telecommunications Company (Viva). Batelco to Complete Sale of Kuwait Unit to Viva

According to Batelco, the sale has been done as per the signed share purchase agreement (SPA) dated April 9, 2019.

Batelco chairman Shaikh Abdulla bin Khalifa Al Khalifa, said:

The sale of QualityNet for KD25.5 million provides peak valuation for Batelco’s shareholders and allows us to focus on redeployment of funds to a number of areas including acquiring synergistic growth opportunities in existing markets, funding the expansion of our current operations into selected adjacent businesses and funding investments in high growth digital adjacencies.

Batelco to Complete Sale of Kuwait Unit to Viva

Batelco CEO of International Investments Ihab Hinnawi said:

QualityNet, one of Batelco’s earliest overseas acquisitions, has been a very strong asset for Batelco for more than 20 years and has contributed significantly in providing value creation for shareholders.

Ihab Hinnawi further added that:

The telecommunication industry in Kuwait has been going through a transformational phase in recent years with a focus on consolidation of fixed, mobile and broadband providers. QualityNet is the first, largest and leading ISP in Kuwait, and this deal supports the best strategic interest of all parties.”

He further added:

In line with our strategic objectives, developed to create the best value for our shareholders, the sale of QualityNet comes at the right time and supports our investment plans for Bahrain and all our operations footprints,”

Hinnawi concluded:

Going forward, we will continue to assess all our investments and explore a number of opportunities with a view to strengthening our portfolio and capabilities,”.

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