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Batelco Group Announces the Sale of its stake in STel India
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Manama, Bahrain: Batelco Group (Ticker: BATELCO), the Middle Eastern regional telecommunications operator of reference with operations across seven countries, today announced its agreement for the sale of its shareholding in STel Private Limited (STel), a mobile operator in India. This is a part of an earlier understanding with its Indian Partner to exit, given the circumstances surrounding the 2G probe in India over the past twelve months.

Batelco's Group Chief Executive, Shaikh Mohamed bin Isa Al Khalifa, stated that "BMIC Limited, a 100% Batelco owned subsidiary company, entered into an agreement, in the fourth quarter of 2011 to sell its 42.7% equity in STel for BD 65.8M (US $174.5M) to its Indian partner, Sky City Foundation Limited."

The agreed time frame for completion of the sale is the end of October 2012.

As stated in previous press statements, BMIC Limited (BMIC) had decided, as early as 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% 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 Shaikh Mohamed.

This press release has been issued by Batelco Corporate Affairs department.

For further information, please contact Batelco Public Relations Office
Public.Relations@btc.com.bh / Fax +973 17611898

Press release posted on: Jul 14 2012

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Country: Bahrain

Bahrain Telecommunications Company (Batelco) is the leading integrated communications provider in the Kingdom of Bahrain and an emerging force among the regions key telecommunications players.

Batelco serves both the corporate and consumer markets in the most liberalised and competitive environment in the Middle East, and remains committed to delivering cutting-edge telecommunications to its customers in Bahrain and the MENA region. The Company's management and staff are driven by an enthusiasm for delivering the best customer experience based on innovation, affordability and reliability of products and services.

Batelco's specialised services cover the full spectrum of telecommunications solutions for residential and business customers and span a comprehensive range of mobile services, international roaming, high-speed Internet connections, satellite services, WiFi, MPLS IP-VPN network provisioning and management, Datacoms services over fixed, wireless and internet platforms, managed services, systems integration and enterprise solutions.

Batelco has invested US$1.4 billion in Bahrain's telecom infrastructure over the past 26 years, including significant investment in Next Generation Networks infrastructure which has reinforced the Kingdom's position as a leading communications hub. The Company's shares are listed on the Bahrain Stock Exchange with a total capitalization of approx US$ 3.2 billion as of February 2008.

With an ongoing strategy to grow overseas, the Batelco Group incorporates joint venture operations in Jordan, Kuwait, Yemen, Saudi Arabia and Egypt.

Batelco Main Number 17 88 18 81

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