dhiraagu_building3
Bahrain’s leading telecom service provider Bahrain Telecommunications Company (Batelco) is now the Majority Share holder of Dhivehi Raajjeyge Gulhun Private Limited (Dhiraagu) following the acquisition of the bulk of the Monaco & Islands division of UK-based Cable & Wireless Communications (CWC).

Batelco now holds 52% majority shares of Dhiraagu, which was previously held by Cable and Wireless Communications.
Following the acquisition the Board of Directors of Dhiraagu has also been reconstituted. The new board now consists of; Ibrahim Athif Shakoor (Chairperson and Government Director), Idham Hussain (Government Director), Shaikh Mohamed bin Isa AlKhalifa (Batelco Director), Ibrahim Shareef Mohamed (Independent Director), Marco Regnier (Batelco Director), Dr. Ghassan Murad (Batelco Director), and Ismail Waheed (CEO and Managing Director of Dhiraagu).

Along with acquisition of Dhiraagu shares, Batelco has acquired the entire CWC interest of Sure Channel Islands, Sure Isle of Man, as well as CWC operations in the Falkland Islands, St Helena, Ascension and Diego Garcia (SADG). Batelco also acquired a 25% shareholding in Compagnie Monegasque de Communications (CMC), which holds CWC’s 55% interest in Monaco Telecom. Total consideration paid for these assets was USD570 million. In addition, Batelco and CWC have entered into put and call arrangements in relation to CWC’s remaining 75% interest in CMC in line with previously announced terms and conditions.

Batelco group chairman, Shaikh Hamad bin Abdulla Al Khalifa, said the deal will see the group “emerge as a communications player of global relevance,” adding that the acquisition “supports our strategy by adding new clusters of operations in new markets and complements our continued efforts to drive value and diversification”. Shaikh Mohamed bin Isa Al Khalifa, Batelco group CEO, said the purchase represented “a giant leap from being essentially a Middle Eastern regional company to become a global enterprise”. In a Dhiraagu press Release he also stated that “We are delighted that we will now have the opportunity to support Dhiraagu, as one of its key shareholders, maintain its market leadership in the Maldives. We believe in delivering innovation through new technologies and services, always improving the way we support our customers and listening to their feedback and being a socially responsible employer by respecting and contributing to the communities we live in”

>> Batelco completes purchase of CWC’s Monaco & Islands division (telegeography.com)

>> Batelco becomes the Majority Shareholder of Dhiraagu (Dhiraagu Official Press Release)

Rhipha

With over 10 years of experience in the field of ICT, Rhipha is a Sysadmin, a Project Manager and Technology writer.

More Posts

Follow Me:
TwitterFacebookLinkedIn