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Batelco chairman Shaikh Hamad bin Abdulla Al Khalifa has announced that Batelco has completed formalities to finalise the acquisition of a 49 per cent shareholding in S Tel Limited (S Tel) for $225 million.
"Conditions precedent have been satisfied and Batelco has completed the first phase of its investment in S Tel. Batelco now holds a 36.9 per cent share of S Tel and in the coming months Batelco's shareholding will increase to 49 per cent," said Batelco's Group CEO Peter Kaliaropoulos.
Mr Kaliaropoulos said that the investment in S Tel will provide significant growth opportunities for Batelco in the expanding Indian market, the third largest and fastest growing mobile market in the world, where mobile penetration is currently growing at more than 11 million subscribers a month.
"We are delighted to have completed the first stage of this acquisition which enhances our growth and expansion strategy in wireless and broadband markets and advances our long term plans to diversify the Group's geographical footprint," said Shaikh Hamad.
"Our main priority now is to assist S Tel to accelerate the roll-out of its network infrastructure in readiness for the launch of its mobile telecommunication services in the last quarter of 2009," added Mr Kaliaropoulos.
