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Article: United Gulf Bank, Bahrain (UGB) Realizes Gain of US$ 96 Million from Sale of Telecommunication Assets.(National Mobile Telecommunication Company K.S.C.)(QTEL International Investments L.L.C.)
- Article from:
- Middle East
- Article date:
- March 4, 2007
CopyrightCOPYRIGHT 2007 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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As a party to the selling consortium controlling 51% of National Mobile Telecommunication Company K.S.C. (NMTC), UGB has entered into an agreement with QTEL International Investments L.L.C. to sell, for an amount of US$ 157 million, its shareholding in the company as well as UGB's 9% stakes in each of NMTC's Iraqi and Algerian operations. The transaction, upon its successful completion including necessary regulatory and other related approvals and release of escrow, will result in a gain to UGB of about US$ 96 million which will probably be largely recognized in the first quarter of 2007. (UGB's profits for the twelve months of 2006 were US$ 101.5 million).
UGB ...
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