Batelco raises stake in Kuwaiti Web provider
QualityNet holding more than doubled to 90%
Bahrain-based Batelco Group announced on Wednesday that it has more than doubled its stake in Kuwaiti internet service provider QualityNet.
The telco said in a statement that the acquisition of Ali Alghanim & Sons General Trading and Contracting Company's 46 percent shareholding has been finalised to takes its interest to 90 percent.
Batelco Group Chairman Shaikh Hamad bin Abdulla Al Khalifa said ther deal was part of its growth strategy.
"The acquisition provides the right kind of fit for the Group to enhance future value of its international operating companies by realising cost efficiencies and further telecom upside opportunities," he said.
"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," he added.
The Batelco Group said in the statement that it plans to continue its international expansion drive through targeted acquisitions of other operators and optimisation of its existing portfolio.
Last year, QualityNet said it was looking to expand overseas to Egypt, Saudi Arabia, Qatar and Iraq in a bid to counter slowing growth in its domestic market.
In 2013, it maintained market share and position with over 40,000 customers.