10 Apr 2014
Bahrain Telecommunications (Batelco) has completed the acquisition of an additional 46% stake in Kuwaiti internet service provider (ISP) Qualitynet from Ali al-Ghanim & Sons General Trading, thus increasing its holding on the broadband provider to 90%. Batelco Group’s chairman Shaikh Hamad stated that part of the group’s growth strategy is ‘portfolio optimisation’ and noted that topping up existing investments such as Qualitynet is consistent with such a strategy. The executive added: ‘We have plans to work very closely with Qualitynet’s management to implement a number of strategic initiatives in order to realise the benefits of the acquisition by way of protecting and enhancing shareholder value.’
According to TeleGeography’s GlobalComms Database, as of December 2013 Qualitynet was owned by Batelco (44%), Ali al-Ghanim & Sons General Trading (46%) and the National Bank of Kuwait (10%).