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Article: United Gulf Bank, Bahrain (UGB) Realizes Gain of US$ 96 Million from Sale of Telecommunication Assets
- Article from:
- Al Bawaba
- Article date:
- March 4, 2007
CopyrightCopyright 2007 Al Bawaba. Provided by ProQuest LLC. (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 Managing Director and KIPCO ...