Batelco (Bahrain Telecommunications) is planning to sell Umniah Mobile, its telecom service business, in Jordan.
Last month, Batelco said Umniah continues to demonstrate a significant presence in the Jordanian telecom market due to its strong strategy by offering high quality integrated services, with the best value, while keeping abreast with sector developments and customers’ various needs and expectations.
A Bloomberg report said Batelco has hired Citigroup to manage the sale. A sale of Umniah may fetch about $500 million to $600 million for Batelco.
Batelco bought 96 percent of Umniah for $415 million in 2006.
Umniah has more than 3 million customers in Jordan and a market share of about 31.5 percent.
In Q3 2014, Umniah’s mobile subscriber base grew 8 percent to 2.9 million. Its broadband services rose 22 percent.
For the nine-month period, the Batelco Group’s net profit rose 11 percent to BD40.9 million or $108.5 million. Quarterly net profits increased 40 percent.
The Group’s gross revenue for the period grew 8 percent to BD291.9 million or $774.3 million. Q3 2014 gross revenues showed 3 percent decrease. Operating profit for the nine-months of 2014 rose to BD61.9 million or $164.2 million.
Batelco acquired Cable & Wireless Communications (CWC)’s Monaco and islands division last year.
Baburajan K
editor@telecomlead.com
