Batelco Group Announces the Sale of its stake in STel India

Batelco Group (Ticker: BATELCO), the Middle Eastern regional telecommunications operator of reference with operations across seven countries, today announced the sale of its shareholding in STel Private Limited (STel), a mobile operator in India.
Batelco’s Group Chief Executive, Sh. Mohamed bin Isa Al Khalifa, stated that “BMIC Limited, a 100{e1f18614b95d3cd6e4b3128e1cd15d99b042a60a5a19c19b7a8e07e7495efa10} Batelco owned subsidiary company, entered into a binding agreement to sell its 42.7{e1f18614b95d3cd6e4b3128e1cd15d99b042a60a5a19c19b7a8e07e7495efa10} equity in STel for BD 65.8M (US $174.5M) to its Indian partner, Sky City Foundation Limited. Completion of the sale is expected by Quarter 4, 2012”.
BMIC Limited (BMIC) had decided in April 2011 to actively pursue the sale of this investment.  Batelco Group had disclosed in its Financial Accounts for the period ending 30 June 2011, that BMIC’s investment in STel was presented as an asset held-for-sale. BMIC acquired 42.7{e1f18614b95d3cd6e4b3128e1cd15d99b042a60a5a19c19b7a8e07e7495efa10} equity in STel via two transactions in May and June 2009 for a total of $174.5M.
“As Batelco continues to grow and diversify its operations, we remain interested in other investment opportunities for the Batelco Group, that will enable us to participate in the Indian telecom market. We are actively exploring all options in this respect over the coming months,” concluded Sh. Mohamed.