Bahrain's Batelco has refused to comment on media reports that Saudi Arabia's Saudi Telecommunication Co (STC) is in talks to buy up to 60 percent of the company. In a statement to the local stock exchange, Batelco said it was company policy not to comment on reports that are relevant to shareholding.
The Al-Watan newspaper had reported that the talks for the controlling stake purchase were in "advanced stages". Trading in the company's shares was halted while the firm prepared it statement and later resumed.
The Company's shares are listed on the Bahrain Stock Exchange with a total capitalization of approx US$3.2 billion as of April 2008.
The state investment arm, Bahrain Mumtalakat Holding Co currently owns 36.7% of Batelco.
Posted to the site on 5th November 2008
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