Jordan Telecom to buy half of Lightspeed

31 Oct 2006

Jordan Telecom is planning to acquire a 50% stake in Bahrain-based start-up fixed line operator Lightspeed Communications sometime next year, according to its chairman, Shabib Ammari. The planned purchase is part of a wider plan to invest USD300 million in stakes in Middle East telecoms and internet operators, in a bid to diversify away from its highly competitive home market. Jordan Telecom’s 2006 full-year net profits will be virtually on a par with its 2005 earnings, Ammari said, leading it to look urgently at ‘buying stakes in operators in the region or [forming] partnerships with local partners in different markets’. He added that Lightspeed will roll out triple-play voice, video and data fixed line services in Bahrain in spring 2007.

Bahrain, Lightspeed Communications, Orange Jordan