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Batelco to take control of Qualitynet [Khaleej Times (United Arab Emirates)](Khaleej Times (United Arab Emirates) Via Acquire Media NewsEdge) Bahrain Telecommunications, or Batelco, will take majority control of Kuwait's Qualitynet after agreeing to double its stake in the Internet provider, Batelco said on Thursday. Batelco will buy 46 per cent of Qualitynet from Ali Al Ghanim & Sons for an undisclosed fee, raising the Bahraini firm's holding to 90 per cent from 44 per cent previously. The deal will likely be concluded in March, a company statement said. Kuwait's Ministry of Communications ultimately owns and operates the country's fixed-line infrastructure, with about four major Internet service providers including Qualitynet paying the government to use it. Qualitynet's 2013 revenue was 31.3 million dinars ($83.0 million), down 8.9 per cent from 2012, which provided Batelco with a profit of 2.41 million dinars, the latter's annual report shows. As of September 2012, Qualitynet claimed a 45 per cent share of Kuwait's fixed-line Internet market, which operates largely on a copper-based network. (c) 2014 Khaleej Times. All Rights Reserved. Provided by Syndigate.info, an Albawaba.com company |