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Batelco plans acquisition in 2012
10 April 2012
Bahrain operator targets at least one acquisition in 2012 to compensate for falling domestic revenues
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Bahrain
Batelco
Zain
acquisition
Bahrain’s operator Batelco is targeting a minimum of one acquisition in 2012 in order to compensate for the declining domestic revenues, reports Reuters, citing Batelco’s chief executive officer. The company has posted lower profits in six out of seven quarters owing to tough competition from rival mobile operators.
Mohamed Isa Al-Khalifa, CEO of Batelco group, told Reuters: “We are working on some, but I can't promise anything.” Batelco said it could use its balance sheet to over $1 billion for further buyouts. Al-Khalifa added: “We are focusing on the Mena [Middle East and North Africa] region and we have built a cluster around Bahrain and would like to grow this cluster.”
The company failed to purchase a stake in Zain Saudi Arabia in 2011 as a result of disagreements with the indebted target’s banks. GTB
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